IndianOil set to exceed 12th Plan capex of Rs. 56,200 crore.

Indian Oil Corporation (IOC), the nation's largest fuel retailer, is set to exceed its capital expenditure target of Rs 56,200 crore for the 12th Five-Year Plan. The company has already spent Rs. 40,353 crore to ramp up capacity. With both petrol and diesel prices freed and the implementation of cash transfers to curb the cooking gas subsidy, IOC has a capital expenditure target of Rs. 10,540 crore for 2015-16. 'We have two years to go for the plan to be over. We will probably exceed the 12th Plan target,' Chairman and Managing Director B Ashok told Business Standard.

IOC has spent an average Rs. 15,000 crore in the previous two financial years and wants to sustain that pace. The investments were made in refineries, upgradation and pipelines, Ashok said.

'IOC's investments are envisaged for projects such as the 15 million tonne per annum grassroots refinery under commissioning at Paradip, fuel quality upgradation and expansion projects in refineries, augmentation of pipelines and marketing facilities and bulk storage installations,' the firm told Business Standard.

BS