At the depot, outside Mumbai, IOC had stored the lube oil for packaging into containers and the fire broke out at around 1.30 am, the officials said adding that the cause of the fire is yet to be find out.
Confirming that there was no any casualties, police said, "it is not spreading to new areas. In another 2 to 3 hours it will be fully under control," The loss due to the fire is yet to be estimated. Police got an alert from a security guard at the IOC depot in the Taloja-MIDC area of Navi Mumbai.
Navi Mumbai Police Commissioner Javed Ahmed said from the site that they were containing the fire from spreading to other neighbouring localities like the Maharashtra Industrial Development Corporation (MIDC) and the Taloja's residential areas.
Police said that it is estimated that around 2,00,000 litres of oil might have burnt in the flames.
In Taloja area, all approach roads to the fire mishap spot were barricaded, police said.