IOC gets Rs 2,281 crore as Air India clears 80% of jet fuel dues

The outlook for Indian Oil’s (IOC) aviation business is positive with growth in flights, upcoming launch of new airlines in 2022 and recovery of jet fuel dues from Air India.

“Airline operators have cleared all dues pending with IOC and are now within agreed terms,” the country’s largest fuel retailer said in a statement. “Air India has also paid around 80 per cent of its pending dues to oil marketing companies. IOC has received Rs 2,281 crore from Air India. The balance settlement is under process for which modalities have been initiated in view of the handing over process of Air India.”