IOC says supplying to Air India only on daily cash payments
Indian Oil CorporationNSE 0.00 % (IOC) is supplying jet fuel to state run Air India only on a daily cash payment and is looking at recourses to recover its outstanding dues from the national carrier, senior executives from the oil marketing company said Wednesday.
IOC, along with the other two state-run oil marketing companies, Bharat PetroleumNSE 0.31 % Corp and Hindustan PetroleumNSE -0.42 % Corp, stopped supplying fuel to Air India and its Alliance Air subsidiary at six airports from August 22 due to mounting outstanding dues. The three fuel suppliers have dues of over Rs 5,000 crore from the airline.
