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IOC resumes work on Rs 1.04 lakh cr worth of projects

PTI Wednesday, 8th of July 2020 17:35:55 business 3820

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Date: Wednesday, 8th of July 2020

Written By: PTI

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NEW DELHI: Indian Oil Corporation (IOCNSE 0.93 %), the nation's biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth Rs 1.04 lakh crore which will help address future energy demand as well as kickstart the economy.

IOC said it is on track to achieve its planned capital spending of Rs 26,143 crore in the fiscal to March 2021, but future capex depends on long-term demand potential in the country.

"Since the easing of the lockdown, IOC has commenced works on 336 projects...at an anticipated project cost totalling to Rs 1.04 lakh crore," the company said in a statement.

The government is falling back on public sector companies to revive the economy, hit hard by the COVID-19 pandemic, and is pushing them to frontload their capital spending which will help generate demand in industry as well as create jobs.

"The amount spent on these (336) ongoing projects is about 1,764

News Source: https://economictimes.indiatimes.com/industry/energy/oil-gas/ioc-resumes-work-on-rs-1-04-lakh-cr-worth-of-projects/articleshow/76854181.cms

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