India’s biggest oil refiner Indian Oil Corp. is planning to invest as much as $3.5 billion in the year beginning April 1, or about a fifth more than the previous year, to expand and upgrade its refineries and boost its marketing network, according to people with knowledge of the matter.
The company plans to use internal resources for the capital expenditure and has no plans to raise loans or issue bonds, the people said, asking not to be identified as they aren’t authorized to speak to the media. Cash generation at all its refineries has improved and even the newest at Paradip in eastern India is likely to report a profit for the first time this year, they said.
A New Delhi-based spokesman for Indian Oil couldn’t immediately comment on the investment and financial plans. Read More…
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