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The Indian Oil Corp (IOC) is going to invest around Rs 52,000 crore in expanding Paradip refinery and setting up petrochemical complex after the Odisha government has provided its approval to restore part of tax incentives.
The state government has provided its approval to give Rs 700 crore per annum of an interest free loan for 15 years to make up for the withdrawn incentive of 11 year deferment on payment of sales tax on Paradip refinery products sold in the state.
