INDIAN OIL TANKING Infrastructure IPO by March
Indian Oil Corporations promoted oil EPC firm IOT Infrastructure and Energy services is set to alter the timing of its Rs 800 crore IPO due to turbulent market conditions.
The company is an equal joint venture between IOC and German company Oil Tanking GmBH was started as a dedicated player in oil tanking services in 1998.
The company is ready with all the required permissions, but is constrained due of the choppy market conditions, the company official said. The company is confident that it will launch the IPO before March.
The Indian Oil Group of companies owns and operates ten of India's 20 refineries with a combined refining capacity of 60.2 million metric tonnes per annum (MMTPA, .i.e. 1.2 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corporation. The corporation's cross-country network of crude oil and product pipelines, spanning over 10,000 km and the largest in the country, meets the vital energy needs of the consumers in an efficient, economical and environment-friendly manner.
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