IOC to raise $750 million in foreign loans

State-owned Indian Oil Corp (IOC) today said it will raise $750 million in foreign loans to part fund its Rs 11,277 crore capital investment planned for this fiscal.

"We plan to raise $750 million in external commercial borrowings (ECBs) this year," IOC Director (Finance) P K Goyal told reporters here.

The company plans to invest Rs 11,277 crore in 2013-14, up from Rs 9,378 crore in the previous fiscal.

"Besides ECB, we would also be raising Rs 1,000 to 2,000 crore from Indian bond market. The rest of the capex will be funded from internal accruals," he said.

IOC Chairman R S Butola said the company's borrowings stood at Rs 80,894 crore at the end of March quarter, with debt-equity ratio at 1:32.

"Our interest outgo (on borrowings) has increased to Rs 6,409 crore in the 2012-13 fiscal as compared to Rs 5,591 crore a year ago," he said.

IOC plans to raise high sulphur crude processing to 67% of its total refining capacity in three years from 53.3% in 2012-13, he said.