Indian Oil Corporation secured five hundred million dollars through a special Reserve Bank of India swap facility. This concessional forex swap encourages state-run companies to increase dollar inflows into India. The company raised these funds via a five-year external commercial borrowing last week. Indian Oil's borrowings increased significantly for selling fuels below market rates. The refiner maintains sufficient crude oil reserves for forty-five days.
Synopsis
Indian Oil Corporation secured five hundred million dollars through a special Reserve Bank of India swap facility. This concessional forex swap encourages state-run companies to increase dollar inflows into India. The company raised these fu... [2005 chars]
Source: The Economic Times
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