IOC expects Centre help for losses
New Delhi   22-Sep-2010

IndianOil, expects to receive government compensation for the April-September, due to on revenue losses incurred on sale of automobile and cooking fuels at subsidised rates in the next 15-20 days, said the chairman and MD, Mr B.M. Bansal, on Tuesday. The company is expected to incur revenue loss of Rs. 11,000 crore on fuel sales in the first six months of the current financial year to March, he said. "Our gross revenue loss for July-Sep is expected to be around Rs. 6,000 crore, and after adjusting upstream subsidy of Rs. 2,000 crore, the July-September revenue loss is likely to be about Rs. 4,000 crore," he added.