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Indian Oil to revive shelved petrochemical projects

September 14/2010

NEW DELHI (WSJ) -- Indian Oil Corp. plans to use the proceeds of its follow-on public offering to revive shelved petrochemical and liquefied natural gas projects, the state-run refiner"s chairman Brij Mohan Bansal said.


India"s largest listed company by sales is planning a follow-on public offering by January, through which it will sell fresh shares equivalent to 10% of its equity to raise about 100 billion rupees ($2.16 billion.).


The state-run refiner, which accounts for 28% of India"s installed refining capacity of 3.76 million barrels a day, had to put some projects


Indian Oil to revive shelved petrochemical projects



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