MUMBAI : Indian Oil Corporation Ltd (IOCL), country’s largest oil marketing company, is planning to raise its borrowing limit by 50% to ₹1.65 trillion from ₹1.1 trillion and has sought shareholders nod for the same.
IOCL’s sales collection nosedived during the last week of March due to the covid-induced nationwide lockdown, while it continued to make the payment for crude oil supplies as per the contractual terms, the company said in its annual report.
“The internal accruals have remained muted during 2019-20 mainly on account of large inventory losses coupled with subdued margins in refining as well as in petrochemical segments,” said IOCL adding that the company is going through a phase of expansion and upgrading its infrastructure facilities across business segments viz. refining, pipelines, marketing, petrochemicals and natural gas.
