NEW DELHI: The Centre has urged oil sector PSUs to tap the overseas markets for their capex needs, with oil minister Dharmendra Pradhan observing that the Indian energy sector has become an attractive one for foreign investors. “Many companies have successfully raised funding through overseas bond market and this funding route is likely to grow manifold going forward,” Pradhan said at an energy summit here on Friday.
The government has nudged state-run firms like Indian Oil Corporation (IOCL), Oil India (OIL), and Bharat Petroleum Corporation (BPCL) to increase their external borrowings, both through dollar bond issues and loans. The RBI, for its part, had already increased the External Commercial Borrowings limit for state-run oil marketing companies in October last year to $10
