India’s finance ministry has told state-owned oil refiners it could halve a proposed Rs 30,000-crore ($3.6 billion) package aimed at supporting investments to manage the energy transition.
State-controlled Indian Oil Corp. and Bharat Petroleum Corp. Ltd. had planned rights issues to raise as much as 220 billion rupees and 180 billion rupees, respectively, both backed by the federal government. Those will now be trimmed by as much as half, people familiar with the development said. They did not wish to be named as the plan is not public.
