Indian Oil Corporation's chairman Shrikant Madhav Vaidya said that the company plans to invest more than Rs 4 lakh crore in energy transition projects, petrochemical industry expansion, and oil refining this decade as part of a strategy to become a "360-degree energy company."

Indian Oil would spend a stunning Rs 2.4 lakh crore on initiatives to assist it attain net-zero carbon emissions from operations, as well as Rs 1 lakh crore to boost its ability to refine and transform crude oil into fuel.

A massive petrochemical plant in Paradip, Odisha, will be built with an additional investment of Rs 60,000 crore.

These investments will help the company continue to meet the rising energy needs of a fast-expanding economy while also treading on the path of the energy transition, he told company shareholders at the annual general meeting.

Vaidya said the past year witnessed waves of volatility that rocked the global energy dynamics but IOC kept its promise of fuelling the nation with unwavering commitment.