IOC to invest Rs. 3,400 crore in Assam

Indian Oil Corporation will invest Rs. 3,400 crore in Assam over the next five years. This investment will be utilized to fund greenfield as well as brownfield projects.

The company plans to sign a Memorandum of Understanding (MoU) with the Assam Government to invest Rs. 3,400 crore in various projects across the state at the two-day Advantage Assam Investors Summit 2018.

The board of the company has already approved the funding and the investment may increase depending on the progress of the projects. Setting up of new units and upgradation of the existing ones will augur well for the company. IOC will also enhance LPG bottling capacities located in North Guwahati, Silchar and Mirza.

IOC with the market cap of Rs. 1,98,752 crore, opened on Monday at Rs. 408.85 per share and touched an intraday high of Rs. 411.50 per share.