Indian Oil to raise borrowing limits by Rs 30,000 cr

New Delhi : Indian Oil Corporation, the country’s biggest oil refining and marketing company, plans to raise its borrowing limit by Rs 30,000 crore to Rs 110,000 crore as it apprehends borrowings to go up sharply due to high under-recovery on sales of diesel, kerosene and domestic LPG.

With continued losses, the company fears borrowings may cross the approved level of Rs 80,000 crore by December. The company, in which the government owns a 78.92 per cent stake, has initiated a process to raise its borrowing limit through a postal ballot.