Indian government-owned and the country's largest refiner Indian Oil Corp (IOC) will raise $500 million loan by the end of August, sources in the company said on August 13. The company stated that the loan is to be used for working capital requirements.
IOC had earlier raised $500 million in last July through senior unsecured notes.
A top official of the company said that as per Reserve Bank of India guidelines, the company can raise $750 million for capital expenditure, and $1 billion for working capital requirements. IOC accounts for nearly a third of the country's refining capacity.