Indian Oil Corporation (IOC) will record a Rs 400 crore cash loss this month due to the Government's decision to not raise fuel prices, as the Left resists moves to raise prices of petrol and diesel. IOC is likely to end this financial year with a loss of Rs 20,000 crore. The figure could be trimmed to Rs 14,000 crore at the end of the financial year, if upstream oil companies bear part of the losses.
IOC has chalked out capital expenditure of Rs 7,500 crore towards its ongoing diversification program and expansion of its refinery capacity. IOC needs to generate a net profit up to Rs 9,000 crore on a sustained basis for pursuing its other ambitious plans.
23-Aug-05 
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