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IndianOil lost Rs 227 crore per day  

IOC borrowings touch Rs 79,000 cr
(Courtesy: Financial Chronicle, New Delhi, December 14, 2011)

State-owned IndianOil (IOC) said its borrowings have risen to over Rs 79,000 crore, as it lost a record Rs 227 crore per day on selling diesel, domestic LPG and kerosene at controlled rates. “It (borrowings) is more than Rs 79,000 crore at present,” IOC chairman R S Butola said.

The company is hoping to get about Rs 16,000 crore in compensation from the government by early next month to make up for part of the losses it incurred on selling the three fuel in the first half of current financial year. Parliament on Tuesday approved additional spending by the government, including payment of Rs 30,000 crore to state fuel retailers as subsidy. IOC, the market leader, would get about Rs 16,000 crore out of that.

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