IndianOil pledges assets
New Delhi   26-May-2008
The SBI may have reversed its order of nut giving loans for tractor and other agriculture instruments to farmers. But the commercial banks have unanimously decided not to give any credit facility to IndianOil, one of the largest public sector companies under the ministry of petroleum and natural gas. The SBI has convened in writing to the IndianOil that ii has exhausted its credit limit beyond all proportions. The credit limit has touched Rs 35,000 cores. In order to overcome the crisis, as oil prices touched an all-time high of 5135 a barrel, the IndianOil started pledging its assets.