Mumbai: State-run fuel retailer Indian Oil Corporation (IOC) is planning to invest Rs 2 trillion (($27.98 billion) in five-seven years, Chairman Sanjiv Singh said. At a shareholders' meeting on Wednesday, Singh said that the amount will be directed towards meeting the energy needs of diverse user groups.

Hinting that diversification could be on the cards, Singh said that the investment is aimed at helping Indian Oil evolve into a future-ready company that provides energy solutions to diverse user groups. "The company is investing over 200 billion rupees by 2023-24 to expand its petrochemicals capacity and another 100 billion rupees in eight years for expansion of city gas distribution projects in the country," he said.

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