Insta
PSU Oil Giant Indian Oil To Expand Into The Textile Sector As It Seeks To Diversify Operations
An Indian Oil petrol pump. (pic via Twitter)
Country's largest oil marketing company Indian Oil Corporation proposes to leverage its growing petrochemical operations to expand textile business as it looks to diversify operations and offset risks associated with oil operations.
At a recent Asia Pacific oil summit IOC chairman S M Vaidya reportedly said that petrochemical expansion is being targeted by the company as it gives the company ability to de-risk from lower refining margins.
The chairman said that the petrochemical expansion would look into entering niche areas with a possibility of forward integration into textile business.
Petrochemical presents big opportunity in India as the per capita consumption still remains very low. This is expected pick up pace in coming years and IOC wants to capture most of emerging market.
IOC is expanding its petrochemical capacity by more than 70 per cent from its current 3.2 million tonnes a year. It is also on new technologies that reduces the cost of producing petrochemicals.
(The story has been published via a syndicated feed, only the headline has been changed)
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
