IndianOil to issue 1:1 bonus shares
New Delhi   15-Sep-2009
<b>Mumbai:</b> IndianOil's board has recommended issue of bonus shares in the ratio of one share of Rs 10 for one equity share of Rs 10 held. Consequent, to the issue, IndianOil's paid-up equity capital would increase to Rs 2,427.95 crore from Rs 1,213.98 crore. Addressing the annual general meeting of the company, Mr. Sarthak Behuria, Chairman, said projects worth over Rs 60,000 crore were under implementation, including a grassroots refinery at Paradip With investments of over. Rs 20,000 crore in three large plants and more projects on the anvil, petrochemicals would be a major driver for future growth. With stabilisation of production facilities and addition of new product lines and customers during the year, IndianOil expected 15 per cent of its revenues to come from this vertical within the next three years. <b>Surplus Capacity</b> With surplus refining capacity, the refining industry was at the crossroads. A shift in energy use pattern in the transport sector and stricter environment regulations required major investments to upgrade units. With the addition of Bongaigaon as the eighth refinery, IndianOil refineries achieved the highest ever throughput of over 51 million tones during 2008-09, a growth of 3.94 per cent over die previous year. The corporation's R&D centre commercialized 153 lube formulations during the year. Approvals from original equipment manufacturers were received for 47 new lubricants and greases. Seventeen patents were filed, of which 10 were approved, including six US patents, he said. <b>Recruitments</b> Mr. Behuria said in contrast to the recessionary trends in the industry, 900 engineering and management graduates and CAs were recruited during 2008-09. For the first time in many years, experienced professionals were recruited at the middle-level to take up positions in petrochemicals and bio-fuels, which were at the takeoff stage with large investments.