IOC to seek review on withdrawal of tax sops by Odisha govt 

The Odisha government Sunday withdrew tax sops allowed to Indian Oil Corporation Limited’s (IOC) Paradip refinery. Chairman B Ashok, said the company has a strong case and will take it up with the state for reconsideration.   The Odisha government Sunday withdrew tax sops allowed to Indian Oil Corporation Limited ’s (IOC) Paradip refinery. Chairman B Ashok, said the company has a strong case and will take it up with the state for reconsideration. The government had earlier promised a 11-year deferment of sales tax on products sold by Paradip refinery in Odisha. The agreement will lapse this month and the state has decided to discontinue the tax break allowed to the refinery.

The decision, it is reported, will result in an immediate hit of about Rs 2,000 crore for the company, which is expected to grow annually as the quantum of sales increase. Ashok expects the state and the company to reach an amicable resolution soon. He said such moves will have long term financial ramifications; however, the outcome of the decision will not affect the operations of the refinery which will continue to operate at peak utilisation levels. Ashok said IOC has always been looking at M&A opportunities and will certainly be looking for any upstream opportunities as and when they come

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