Undeterred by its stand-off with the Odisha government over the award of fiscal incentives to its oil refinery project at Paradip, the Indian Oil Corporation (IOC) has asked for an additional 2,700 acres.
The oil marketing company said it needed the land for expanding its petrochemical complex, where new units are supposed to come up. IOC is also looking to upgrade the refinery to make it compliant with BS-VI emission norms.
“IOCL may pump in an additional investment of Rs 25,000-30,000 crore to commission new units of its petrochemical complex. They have asked for 2,700 acres of land for expansion. We have already allotted them significant land and will appraise this additional requirement”, said a senior Odisha government official. Read more
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