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The government on Tuesday said the three state-run oil marketing companies (OMCs) propose to formalise plans to set up the world's largest refinery-cum-petrochemicals complex located on the country's west coast.
The three state-owned OMCs -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- will sign a joint venture agreement for the creation of the proposed complex on Wednesday.
In 2016, Petroleum and Natural Gas Minister Dharmendra Pradhan tweeted that the first phase of the complex will be built with an investment of more than Rs 1 lakh crore.
The minister said at that time that the refinery will produce petrol, diesel, LPG, ATF and feedstock for petrochemicals plants used in plastic, chemical and textiles industries.