State-run Indian Oil Corporation (IOC), India’s biggest fuel retailer, has ramped up works in 336 projects worth Rs 1.04 lakh crore immediately after the nationwide lockdown was eased and is likely to achieve the Rs 26,143 crore capex target in the current financial year.
“IndianOil [IOC] has targeted a capex of Rs 26,143 crore during FY 20-21 and in the first quarter achieved an approx. expenditure of Rs 2,674 crore, overcoming various issues faced on-ground due to the Covid-19 pandemic,” the company said in a statement. It said that the company resumed work at its various project sites across the country from April 20.
Since the easing of the lockdown, IOC commenced works on 336 projects that have investment of more than Rs 1 crore in each project, at an anticipated project cost totalling Rs 1.04 lakh crore, it said. An amount of about Rs 1,764 crore was spent on these ongoing projects till the end of June 2020. Additionally, more than 50 projects have also resumed since July 1, 2020, as per the statement