Chennai, Oct 6 (TIWN) Oil major Indian Oil Corporation Ltd (IOC) will set up a new research and development (R&D) centre at an outlay of Rs 3,200 crore in Faridabad in Haryana, a senior official said pn Wednesday.

The official also said that the oil major is focusing on converting its refineries into integrated complexes where differentiated petrochemicals are made while going ahead with development of alternative fuels.  Speaking to reporters here, S.S.V. Ramakumar, Director, R&D and Business Development, IOC, said the company will invest Rs 3,200 crore to set up the new R&D centre. He said the new centre will be ready by 2023. It will have five centres of excellence and the total R&D headcount will double to 1,000.