India to Issue $2.3 Billion in Bonds to Oil Companies

NEW DELHI, March 28, 2008 (Dow Jones Newswires)

India's federal government Friday said it will issue INR92.97 billion ($2.3 billion) worth of special bonds to state-run oil marketing companies to compensate them for selling fuel at discounted prices.

The government will issue 8.40% 2025 bonds worth INR51.22 billion to Indian Oil Corporation Ltd. and INR20.79 billion worth to Bharat Petroleum Corporation Ltd., an official statement said.

Hindustan Petroleum Corporation Ltd. will get bonds worth INR18.99 billion. Oil and Natural Gas Corporation Ltd. will get securities worth INR1.97 billion.

NEW DELHI, March 28, 2008 (Dow Jones Newswires)