Indian Oil Corporation is planning to raise $1.65 billion debt in overseas market in the current financial year. The company will raise $900 million through external commercial borrowings to replace short-term costlier loan while another $750 million will be raised over the financial year.
The overseas debt interest rate was around 3 per cent - 3.5 per cent. The company raised $1.17 billion foreign debt in the last fiscal. The company will invest Rs 16,600 crore toward business expansion in 2014-15.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
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