Settlement of government dues sees Indian Oil’s debt levels fall by Rs 20,000 crore

State-run public sector oil major Indian Oil Corporation has seen a Rs 20,000 crore reduction in its net borrowing level (net debt) during the first quarter of the current financial year, according to the company’s chief financial officer Sandeep Kumar Gupta. A large part of this reduction has come from the settling of the government’s pending dues, he noted.

Speaking to analysts in a post earnings conference call, Gupta pointed out that the company’s borrowing levels have decreased by around Rs 14,000 crore compared to the end of the previous quarter.