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HPCL SENDS SOS TO INDIAN GOVT, WANTS ONGC TO BUY ITS OIL BONDS.
NEW DELHI, Oct 1 Asia Pulse - Unable to cope with mounting losses on fuel sales, India's Hindustan Petroleum Corp Ltd has sent a desperate SOS to Government demanding that cash-rich firms like ONGC buy the oil bonds it has, to provide liquidity.
Government has not allowed Indian Oil, Bharat Petroleum and HPCL to raise fuel prices in line with cost and instead compensates half of their revenue losses through oil bonds.
"As a consequence of large under-recovery on fuel sales... the borrowings have increased at an alarming rate," HPCL Chairman and Managing Director Arun Balakrishnan wrote to the Petroleum Secretary earlier this month.
HPCL's borrowings have risen from Rs 2,185 crore as of March 2005 to about Rs 25,000 crore currently and the company has exhausted its approved borrowing limits with banks.
The company is projected to lose about Rs ...
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