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Our Bureau

New Delhi , Nov. 22

INDIAN Oil Corporation Ltd (IndianOil) said on Tuesday that it is all set to raise $250 million from the international market, with a greenshoe option of $50 million, to part-fund its capital expenditure (capex) requirements.

Mr S. V. Narasimhan, Director (Finance), IndianOil, said, "The company has mandated six banks, namely, BNP Paribas, Calyon Bank, Citigroup, ING Bank N.V., Mizuho Corporate Bank Ltd and Sumitomo Mitsui Banking Corporation, to arrange the syndicated term loan facility.

The term loan facility was launched on November 21 and would be completed by mid-December."

IndianOil had signed loan agreements in August for raising a foreign currency loan of $670 million, including $200 million for refinancing the syndicated term loan facility for oil imports.

It had also raised Rs 1,225 crore in September and Rs 1,000 crore in May through the issue of secured redeemable non-convertible bonds in the domestic market.

IndianOil hopes to increase revenues from $35 billion to $60 billion by 2011-12.

It has strategic plans to achieve this, which include investments of Rs 24,400 crore during the Tenth Plan period (2002-07) mainly in integration and diversification projects, refinery expansions, product quality upgradation and retail operations.

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