Indian Oil Corporation (IOC) on Wednesday said its foreign currency loan portfolio has touched $ 7 billion.
These funds have been mopped up from banks and financial institutions across the USA, the UK, Norway, Netherlands, Germany, France, Mauritius, South Africa, Middle East, Japan, Taiwan, Singapore and Australia,” said a IOC statement.
The public sector oil marketing company said that this is a significant landmark because the current scenario is surrounded by uncertainties and economic turbulence.
“Though, foreign currency loans are available at substantially cheaper rates, the availment of any foreign currency loan is preceded by finalisation of complex loan agreements and rigorous due diligence by foreign banks,” IOC said.
IOC claims that it has been able to attract continuous flow of foreign funds due to its strong positioning in the international market. “It may be mentioned that due to interest rate differential coupled with scarcity of foreign currency funds, other Indian companies have been vying hard for more of these funds,” it said.