Last fiscal, IOCL had incurred a capital expenditure of ₹28,200 crore.

IOCL which caters to nearly half of India's petroleum consumption has been making significant investments in upstream assets and petrochemicals which are contributing to the company's business in terms of equity oil and profitability.

"Indian oil plans is investing ₹2 lakh crore in the next 5-7 years to evolve into a future-ready company that provides comprehensive energy solutions to diverse user groups," said Singh in his address to the shareholders. The company will hold its annual general meeting on 28 August in Mumbai.

IOCL board has accorded approval for a plastics park at Paradip through a joint venture with industrial development corporation of Odisha. The board has also approved land procurement and finalization of a joint venture partner for a textiles project at Bhadrak in Odisha for which the Industrial Promotion and Investment Corporation of Odisha has allotted 60 acres of land to IOCL.

Besides focus on refinery expansion and refinery-petrochemicals integration, IOCL is leveraging its research and development expertise to move into horizon technologies like 2G (2nd generation) and 3G (3rd generation) ethanol, bio-fuels, coal gasification, Hydrogen fuel cells, battery technologies etc.

"IOCL is also targeting its own equity oil and gas of 7 million metric tons per annum (MMTPA) from its exploration and production assets by 2023-24 from 4.39 MMTPA currently, and is continuously on the lookout for the acquisition of stakes both in E&P companies as well as individual assets," Singh said.