Indian Oil Corporation is set to invest Rs 4 lakh crore in this decade to expand oil refining and petrochemical business as well as energy transition projects as a part of a plan to become a ‘360-degree energy company.’

The company will invest Rs 2.4 lakh crore in projects that will help it achieve net-zero carbon emissions from its operation.

Another Rs 1 lakh crore to be used in expanding its capacity to refine and turn crude oil into fuel.

The company also is planning to spend Rs 60,000 crore into setting up a giant petrochemical complex in Paradip, Odisha.

These investments will help the company meet the growing energy needs of a fast-expanding economy while also treading the path of the energy transition.

Shrikant Madhav Vaidya, chairman of Indian Oil, said during the company’s annual general meeting, “To fuel the rising energy demand of an ascendant India, we are committed to increasing our share in India’s energy pie from the current 9 per cent to around 1/8th or 12.5 per cent by 2050.”

He added the company is leveraging varied energy pathways to establish itself as a 360-degree energy company and is well-aligned with the needs to ensure equitable energy access and sustainable transition.

He said, “Our well-crafted blueprint, with a staggered investment plan of about Rs 2.4 lakh crore or USD 30 billion, will take us towards the net-zero destination.”

Indian Oil’s energy transmission plan also includes an EV charging network and infrastructure that will help electric vehicles to swap chargeable batteries.

He said, “The Indian economy is surging ahead, aiming for the USD 5 trillion-mark by 2025. Reflecting India’s robust economic growth, the latest outlook from the International Energy Agency has pegged India’s energy demand to go up from the current 5 million barrels per day (mbpd) to 7 mbpd by 2030, and about 9 mbpd by 2040.”

Vaidya even added that they are investing over Rs 1 lakh crore for expanding the company’s refining capacity by 33% to reach around 107 million tonnes per annum.