IndianOil to issue bonds worth Rs 2,800 cr
New Delhi   14-Jul-2007
The IndianOil Corporation (IOC) today said it will issue oil the petroleum ministry seeking Rs 19,000 core worth of oil bonds to partly Compensate refiners, who are selling fuel below the cost. Currently, the total under-recovery on sale of petrol, diesel, domestic LPG and kerosene is expected to be above Rs 55,000 crore this fiscal, This is to offset this huge under-recoveries that the government is seeking issuance of the bonds. Meanwhile, Chennal Petroleum Corporation, an"' IOC subsidiary, has commissioned a Rs 85 crore windmill power project of 17.6 MW capacity at Palghat; pass near Pollachi. The company is also exploring. the possibility of setting up"' a 25 MW wind power project in Gujarat.