IOC, BPCL, HPCL to jointly set up $40b refinery in Maharashtra

State-owned refiners Indian Oil Corp. (IOC), Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL) will sign a deal on Wednesday to set up a joint venture refinery-cum-petrochemical complex on coastal Maharashtra, which would be the world’s largest with a capacity of 60 million tonnes.