New Delhi: State-run oil companies have spent a third of their 2020-21 capex target in the first half of the year with Indian Oil NSE -0.38 % Corp being the slowest spender and ONGC Videsh the fastest.
State-run oil companies have spent a combined Rs 31,956 crore in the six months through September, 32.4% of the capital expenditure of Rs 98,522 crore targeted for the financial year, as per the Oil Ministry data.
The state-run firms have been under immense government pressure to accelerate their capital spending this year to help revive the economy ravaged by the pandemic. Finance Minister Nirmala Sitharaman has been regularly monitoring their capital spending. But the pandemic-induced challenges have slowed project execution this year though things are now improving.
