To be second Indian company after Essar to have a refinery abroad

Indian Oil Corporation (IOC) will set up its first refinery outside India with an investment of up to Rs 20,000 crore in Sri Lanka. It will thus become the second Indian company to have a refinery abroad. The Ruias-promoted Essar Energy owns the Stanlow refinery in the UK and has 50 per cent interest in Kenya Petroleum Refinery.