New Delhi: State-owned refiner Indian Oil Corp plans to raise USD450 million through overseas borrowing in the current financial year that ends March 2013, a senior official said.

"We have already raised USD300 million and will be raising USD450 million in the rest of the (fiscal) year," Finance Director P K Goyal told reporters.

IOC posted a record loss of 224.5 billion rupees in the June quarter, hit by foreign exchange losses and on account of selling petroleum products at government controlled prices, below cost.


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