India’s biggest commercial enterprise, the Indian Oil Corporation (IOC) may witness its borrowings hike up to Rs 2,000 Crore each month beginning from this fiscal, incase crude oil prices keeping heading north. G.C. Daga, director-marketing, IOC, informed that the borrowings of the IOC have already reached the Rs 36,000 Crore mark. He said if this trend continues then the Indian Oil Corporation may have to turn to the government for assistance. The previous year, the company's borrowings had surpassed Rs 20,000 Crore.

 

N. Srikumar, executive director, corporate communications, branding and planning, however said that the said figure of Rs 2000 Crore per month is a quite rough estimate and not fixed. He said there are chances that the final amount may be less if the IOC got a bigger share of oil bonds for the fourth quarter or if the bonds for the first quarter are provided before expected. N. Srikumar stated that the estimate of Rs 2000 Crore is derived from the current income levels and will mainly be used for IOC's various project commitments.