Indian Oil Corporation has planned expenditure of Rs 7,000-crore in the next fiscal on naphtha cracker plants and refinery expansion. The company's board is expected to soon take up for approval the revised cost of the 15 mln ton (revised from the original 6 mln tons) Paradip refinery in Orissa. The investment in the refinery is expected to be close to Rs 25,000 crore (refinery plus petrochemical plants) over a period till 2010.
Helped by the Government bonds, subsidy sharing by upstream oil companies, dividend income and partial sale of its stake in GAIL (India) Ltd, Indian Oil Corporation Ltd (IOC) expects to maintain its net profit at the same level as last year. IOC's net profit for 2004-05 was pegged at Rs 4,891 crore. IOC recently sold 50% of its stake in GAIL (India), totalling around 20.4 million shares, through an open market transaction, at Rs 275 per share.
08-Mar-06 
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