The Indian Oil Corporation will be investing Rs 1,75,000 crore over the next seven years to increase its out put to around 100 million tonnes from 65 million tonnes at present.

“We had planned a capital expenditure of Rs 56,200 crore in the 12th Five-Year Plan and by the end of the current financial year, we would achieve that target a year in advance. So, we will definitely exceed the target,” the chairman and managing director B Ashok said.

“In the next 5-7 years, all our existing refineries would need expansion and upgradation. We will also invest on supporting infrastructure and pipeline. Our total investment would beRs 1,75,000 crore,” he said.

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