Oil PSUs achieve 84% of capex target in first 9 months of FY24

State-run oil companies made a capital spending of ‘89,000 crore in the first nine months of the current fiscal year as they enhanced new production and distribution facilities.

The spending is about 84% of their combined capex target of ‘106,000 crore for the current fiscal year, according to the oil ministry data. Indian Oil Corp has been the biggest spender among state oil companies this year. With an expenditure of ‘27,000 crore, it has achieved nearly 90% of its target for the year.