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Home >> Business
UPDATED: 08:32, November 23, 2005
IndianOil to raise funds from world market
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India's state-owned energy giant Indian Oil Corporation Ltd (IndianOil) plans to raise 250 million US dollars from the international market to fund its capital expenditure requirements, Indo-Asian News Service reported.

"IndianOil has mandated six banks - BNP Paribas, Calyon Bank, Citigroup, ING Bank N.V., Mizuho Corporate Bank Ltd and Sumitomo Mitsui Banking Corporation - to arrange the syndicated term loan facility," IndianOil's director (finance) S.V. Narasimhan said in a statement Tuesday.

The term loan facility was launched on Nov. 21 and will be completed by mid-December, he said.

IndianOil in August signed agreements for raising foreign currency loans of 670 million US dollars, including 200 million US dollars for refinancing existing syndicated term loans for oil imports.

It also raised 12.25 billion rupees (282.9 million US dollars) in September and 10 billion rupees (230.9 million US dollars) in May from the domestic market by issuing secured redeemable non- convertible bonds.

The oil company had spent 69.29 billion rupees (1.6 billion US dollars) in 2004-05, up 79 percent over the previous fiscal year.

Ten major projects with a total investment of 126.64 billion rupees (2.92 billion US dollars), will be completed by the end of this fiscal.

Source: Xinhua

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