IOC gets INRs. 100 b cash subsidy

Tuesday, 8 January 2013 00:00 - - {{hitsCtrl.values.hits}}

MUMBAI (Reuters): Indian oil companies received on 3 January a first tranche of Rs. 100 billion as part of a cash subsidy payout for the April-September period, two officials at State-owned oil companies told Reuters.

The second and third tranches of an equivalent amount are expected on 10 January and 17 January, the officials said.

The Finance Ministry approved Rs. 300 billion in subsidy payouts to oil retailers in November.

An additional Rs. 100-150 billion of oil subsidies are likely to be approved in February for the second supplementary demand for grants for the second half of the financial year, Government sources said.