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According to a senior company official, the Hindustan Petroleum Corporation will soon be raising USD 250 million (around Rs 1,663 crores) through external commercial borrowing (ECB) to fuel its capex plan.
J Ramaswamy, HPCL executive director for corporate finance said, “We have already raised USD 300 million some time back through the ECB route for our capex plan which is pegged at Rs 5,300 crore for the current year and Rs 45,000 crore through 2020. There is no requirement for working capital now.”
He further said, “We will be tapping the ECB route again soon to raise USD 250 million. We have already mandated State Bank of India and two Japanese banks– Mizou and SMBC– for the same. As and when we have capex requirement, we will raise the money.”
