Indian Oil hopes to raise funds under new working capital norms in 20 days

High crude oil prices could cause demand destruction for fuel products in the next few months, says an IOC executive

An executive of state-owned Indian Oil Corporation on Tuesday said the company was hoping to raise at least $300 million under the new working capital norms within 20 days from now.

IOC had last week said it would invest Rs 54.63 billion in setting up a city gas distribution network for retailing CNG to automobiles and piped cooking gas to households in seven districts. The company had The company had in the recently concluded 9th bidding round for city gas licences won permits for seven cities on its own and nine more as part of a joint venture with Adani Gas.

Amid