Q1 results: Indian Oil capex at Rs 85 Bn

22 Jul 2024 CW Team

Indian Oil Corporation spent about Rs 85 billion and ONGC Rs 80 billion in capital expenditure in the first quarter of this financial year, utilizing around a quarter of their annual spending budget. State-run oil companies collectively have a capex target of Rs 11,850 billion for 2024-25. They spent Rs 265 billion in the April-June quarter, which is about 22% of their annual target, according to data from the petroleum and natural gas ministry. Indian Oil Corporation and ONGC outpaced the average for state-run oil companies, with spending rates of 27% and 26% respectively.

Hindustan Petroleum Corporation, GAIL, Oil India, and Bharat Petroleum Corporation were slower spenders, with rates of 21%, 19%, 18%, and 12% respectively, thereby lowering the average for state oil firms. Refiners Indian Oil, Hindustan Petroleum, and Bharat Petroleum are investing in various projects including refinery expansions, petrochemical and biofuel plants, pipelines, depots, and natural gas distribution infrastructure.

A significant portion of Hindustan Petroleum's investment is directed towards its greenfield refinery in Barmer, which has experienced substantial cost escalations. ONGC and Oil India primarily focus their expenditures on exploration and production.

Real Estate

26 Jun 2026

AGM Vijaylaxmi launches Sixty3 W.E. Bizpark

AGM Vijaylaxmi Group has launched Sixty3 W.E. Bizpark, a mixed-use commercial development in Goregaon East, Mumbai. The project includes contemporary office spaces and a high-street retail component designed to support businesses, retailers and professionals.Located along the Western Express Highway, Sixty3 W.E. Bizpark is planned as a G+25-storey commercial tower. It offers office spaces ranging from 545 sq ft to 3,200 sq ft, with a 3.60 metre floor-to-floor height aimed at improving spatial comfort, natural light and operational efficiency.The project features a high-street retail boulevard ..

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..