Indian Oil Corporation (IOC) on Wednesday announced a total investment of Rs 16,641 crore in Tamil Nadu. The announcement was made at the Tamil Nadu Global Investors Meet 2019.
For the marketing division investment, R Sitharthan, executive director and head for IndianOil (Tamil Nadu & Puducherry), signed an MoU with the state government for an investment of `7,941 crore in the next five years.
New Delhi: State-owned Indian Oil Corp (IOC) may raise about USD 3 billion more through US dollar bonds issue after the Reserve Bank permitted fuel retailers to raise an overseas loan to check fall in rupee value, its Chairman Sanjiv Singh said Wednesday.
IOC is already in market to raise USD 900 million through a bonds issue and is raising an equivalent sum through a syndicated loan for meeting its working capital requirements.
India’s oil demand growth in 2018 rebounded from the slowest pace in four years as the country recovered from the shock of a cash ban and the roll out of a national sales tax.
The nation’s consumption of petroleum products rose 4.1 percent to about 210 million tons, the Oil Ministry’s Petroleum Planning and Analysis Cell said Friday. Growth improved from the preceding year’s 2.7 percent expansion, the slowest pace since 2013, as consumption was severely affected by a cash ban that crippled economic activity.
The nations’ largest oil marketing and refining company Indian Oil Corporation (IOC) has hit the international bond market to raise up to $1.5 billion. The state-run company is looking to raise between $750 million and $1.5 billion through the US-dollar- denominated notes, banking sources said on Friday.
Mumbai: Shares of Indian Oil Corp. Ltd rose over 3% Friday after India’s largest oil firm on Thursday said its board of directors approved the buyback of 29.76 crore equity shares of the company for ₹4,435 crore. The share buyback price represents a 8.6% premium to Indian Oil’s Thursday closing price of ₹137.20 on BSE. On Friday, Indian Oil shares rose 3.10%, or ₹4.25, to ₹141.45 apiece on the BSE while the benchmark Sensex closed flat at 35,962.93 points.
State-owned Indian Oil Corp (IOC) will buy back 29.76 crore shares for about Rs4,435 crore and spend another Rs 6,556 crore on paying an interim dividend to shareholders as the government taps cash-rich PSUs to meet its budget deficit.
The board of the country’s largest oil firm on Thursday approved a buyback of up to 29.76 crore equity shares, or 3.06%, at Rs 149 per share, IOC said in a regulatory filing.
Indian Oil Corporation (IOC) on Monday moved the Supreme Court seeking setting aside of the Allahabad High Court’s decision that had asked it to pay Rs 5,600 crore towards interest on deferred entry tax payable between 2001 and 2012 to the Uttar Pradesh government.
A Bench led by Justice AK Sikri posted the matter for further hearing on December 6.
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