Indian Oil loses Rs.12 bn following dollar appreciation

October 3rd, 2008 - 8:29 pm ICT by IANS  

New Delhi, Oct 3 (IANS) Indian Oil Corp Friday said it has lost Rs.12 billion since the last revision of the dollar or its appreciation against the rupee.Speaking on the sidelines of an energy conference here, IOC chairman Sarthak Behuria said the dollar appreciation has adversely affected the company’s borrowing.

According to him, the dollar component accounted for 40 percent of IOC’s external borrowings.

Behuria said the global liquidity crunch would affect the company’s borrowing eventually, but added that it would not affect IOC’s expansion plans.

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