MUMBAI : Country’s largest oil refiner and marketer Indian Oil Corporation Ltd (IOCL) will invest ₹26,000 crore as part of its capital expenditure plan this fiscal even as it reported a loss of ₹17,318 crore for the March quarter (Q4) of fiscal 2019-20 on the back of inventory losses and low fuel demand.
IOCL’s inventory loss stood at ₹14,692 crore in fourth quarter of last fiscal, as compared to a gain of ₹1,787 crore a year ago.
“Since our projects take some time to start production, we are not deferring any of the ongoing projects. As far as the capex of the ₹26,000 crore is concerned, we are hopeful that we will be able to do that and our internal sources will also recover to support that capex,” Sandeep Kumar Gupta, Director Finance, IOCL, told analysts.
