State-owned Indian Oil Corporation’s (IOC) Board on Friday approved issue of a corporate guarantee of up to $155 million against term loans availed by subsidiary finance firm IOC Global Capital Management IFSC Ltd.
Incorporated in IFSC, Gift City, Gujarat to carry out global treasury operations for the IOC Group, the subsidiary will now be able to raise funds from banks for its operations based on the guarantee.
The Board also approved IOC to form 50:50 joint ventures each with EverEnviro Resource Management, and GPS Renewables to set up compressed biogas plants.
In another filing, IOC said Commissioner of Central Goods and Service Tax, Mumbai, has filed an appeal before CESTAT, Mumbai, pertaining to an April 2019 notice seeking ₹4,003 crore excise duty on ethanol used in Ethanol Blended Motor Spirit sold by IOC between March 2014 and December 2018.
