India’s gasoil demand will rise by an average 5.3 pc per year through the 2025 fiscal year, said Nayara Energy's B Anand.
Shareholders will vote on the proposal at IOC's annual general meeting (AGM) in Mumbai on August 28.
Oil and Natural Gas Corp in January last year bought the government's entire 51.11 pc stake in HPCL for Rs 36,915 crore.
Government is looking to raise up to Rs 10,000 crore through the follow-on fund offer of CPSE Exchange Traded Fund.
The refinery was initially proposed to be built at Nanar, a village in Ratnagiri district, some 400 kms (250 miles) south of Mumbai.
Reliance in the 2018-19 fiscal year that ended March 31, reported a turnover of Rs 6.23 lakh crore.
IOC has signed separate annual contracts with Norway’s Equinor and Algeria’s Sonatrach to buy 4.6 million tonnes of US oil.
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