Shares of Indian Oil Corporation (IOC) fell over 1% in Thursday’s opening session, a day after the board of the oil market business approved the construction of a petrochemical complex at Paradip, Odisha. The oil corporation would invest ₹61,077 crore to put up this gigantic project, which is thought to be the largest-ever investment by the firm at a single location.
The Paradip Petrochemical Complex has received “Stage-I” authorization from the Indian Oil Board. According to a Wednesday press statement from Indian Oil, this enormous project will be the company’s largest-ever single-location investment.
The change is being taken into consideration as a part of the company’s transition plan to increase petrochemical intensity to aid in volatility defence.
More Stories
LIC overtakes SBI to become the most valued PSU
Former CEO of OpenAI Sam Altman joins Microsoft
MS Dhoni appointed as a brand ambassador by Patanjali Foods for two brands