Indian Oil to invest Rs 52,000 crore in expanding Paradip refinery

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Indian Oil Corp (IOC) will invest about Rs 52,000 crore in expanding Paradip refinery and setting up petrochemical complex after the Odisha government agreed to restore part of tax incentives, a top source said.

The state government has agreed to give Rs 700 crore per annum of interest-free loan for 15 years to make up for the withdrawn incentive of 11-year deferment on payment of sales tax on Paradip refinery products sold in the state.

“IOC wanted Rs 1,000 crore per annum of interest free loan but in the end settled for Rs 700 crore loan over a longer 15-year period,” said the source who was privy to the negotiations between the company and the state government.

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