In 2010, the oil company had marked its entry into the polymer business with a naphtha cracker at the Panipat refinery but, the polypropylene unit was put on hold due to the stressed finances.
IOC has also revived its plans for a PP plant.
It also looks to put forth the plans in front of the board for approval as this unit is not incorporated in the Paradip project cost of Rs 29,777 crore.
Moreover, it has polypropylene capacity of 600,000 tons at Panipat at present while Reliance has capacity to produce about 1 million tons.
Indian Oil Corporation, or IndianOil, is an Indian state-owned oil and gas company headquartered at Mumbai, India.
It is India"s largest commercial enterprise, ranking 125th on the Fortune Global 500 list in 2010.
IndianOil and its subsidiaries account for a 47% share in the petroleum products market, 34.8% share in refining capacity and 67% downstream sector pipelines capacity in India.