Debt Pain of Indian Energy Giants Eases as Fuel Reforms Pay Off
- Better finances help state-run refiners raise cheaper debt
- Fewer borrowings has led to issuance drying up: Jay Capital
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Lower oil prices and the scrapping of fuel subsidies have allowed India’s biggest energy companies to slash borrowings to the lowest in at least eight years.
Total debt at Indian Oil Corp., the nation’s largest refiner, stood at 419 billion rupees ($6.2 billion) at the end of September, down from 863 billion rupees in March 2014, according to the most recent data from company filings. Liabilities at Hindustan Petroleum Corp., the third-biggest fuel retailer, shrunk 65 percent in the same period, the data show.