Given the tax benefits available in Dubai, IOC may also route its big-ticket investments for acquiring refining and exploration and production (E&P) assets abroad through this subsidiary.
IOC chairman and managing director Sarthak Behuria confirmed the move but refused to share finer details at this stage. A senior company official, however, told FE, IOC certainly has bigger investment plans for its Dubai subsidiary in the years to come.
It may be a slow going initially, but investments through this subsidiary will be on a much larger scale compared to our existing subsidiaries in Sri Lanka and Mauritius, which are catering mostly to the local markets there.
IOC may consider investing in Saudi Arabia through this arm
Private sector major, Reliance Industries Limited (RIL) is also understood to have chalked out plans to invest close to $8 billion in Saudi Arabias refining and marketing sector. When asked by FE in Davos, RIL CMD Mukesh Ambani did not deny the move.