IOC to Invest Rs 52,000 cr in Paradip Refinery Post Pact with Odisha Govt

State-owned Indian Oil Corporation (IOC) will invest about Rs 52,000 crore in expanding Paradip refinery in Odisha and setting up petrochemical complex after the Odisha State Gvernment agreed to restore part of tax incentives.

Odisha Government has agreed to restore part of tax incentives and has agreed to give Rs 700 crore per annum of an interest-free loan for 15 years to make up for the withdrawn incentive.

Important Takeaways from Above News-
  • Headquarters of IOC is located in New Delhi.
  • Sanjiv Singh is the current Chairman of IOC.
Source- Business Standard

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