Indian Oil Corp. has approved the expansion of its Panipat refinery from 15 to 25 million metric tonnes per annum.
The expansion of the refinery will also lead to an increase in its project cost from Rs 32,946 crore to Rs 36,225 crore, according to an exchange filing.
The projected date of completion is between September 2024 and December 2025, it said.
The company also plans to install 4,000 fast electric vehicle chargers at an outlay of Rs 919.78 crore, according to the filing.
Shares of Indian Oil Corp. closed 0.42% lower at Rs 111.10 apiece, compared to a 0.74% rise in the benchmark BSE Sensex.
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