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Indian government may invest $3.6bn in oil marketing companies
Indian government could make an equity investment of Rs300bn ($3.66bn) in the country’s three oil marketing companies (OMCs), reported Economic Times, citing sources.
The capital infusion will be after the OMCs — Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — submit their capital plans to the government.
According to a government official, “The Rs300bn that was set aside as capital support for the OMCs in this budget would go to them in the form of equity infusion. But this will be after they present the finance ministry with a set of capital investment projects. Primarily, the projects will be related to emission reduction, refinery upgradation etc.”
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