Indian Oil Co. Goes Global
11 June 2004
The Times of India. India’s largest company, the Indian Oil Company, intends to buy a global $2-billion exploration and production firm to gain a foothold in the world oil market.
“We are planning to buy a mid-size exploration and production firm,” said M.S. Ramachandran, chairman of the state-owned company.
On Thursday the government approved a plan to merge state-run petroleum retailer Indo-Burma Petroleum Company with IOC, which acquired a majority stake of about 54 percent in the firm in 2002.
Indian Oil has also drawn up massive plans for investment in the Middle East and has formed a consortium with British Petroleum to bid for projects to develop existing crude oil fields in Kuwait.
The company is also increasing its investments in and purchases from Iran and Iraq. IOC plans to increase its revenue to $49 billion in 2011 from $29 billion last year.
The Finance Manager
Dear Sir/Madam
I am Ashiv Mungur, a BSc (Hons) Finance level 3 student of the University of Mauritius. I am presently working on an assignment entitled, “ Investigate how multinational enterprises take advantage of the various financing possibilities (other than capital market funding) to further their objectives”. In this context, I would be grateful to you if you could please tell me what short term financing instruments your organization use as a multinational and, briefly, how does it use them to achieve its objectives. My e-mail address is ashiv005@yahoo.co.uk
Hoping that you would consider my request, I thank you beforehand.
Yours faithfully
MUNGUR Ashiv
Posted by: Ashiv Mungur | 23 February 2005 at 12:16 PM