Rs 4,000-cr war chest for buys

Oil India Ltd is eager to expand abroad, and has put aside over Rs 4,000 crore for acquiring a mid-sized oil producing company overseas. OIL has a cash balance of Rs 12,700 crore, most of which it plans to use in its current operations. HT reports.

Oil India Ltd is eager to expand abroad, and has put aside over Rs 4,000 crore for acquiring a mid-sized oil producing company overseas. OIL has a cash balance of Rs 12,700 crore, most of which it plans to use in its current operations.

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"For inorganic growth, we can go up to Rs 4,000-5,000 crore (spending). Also we can borrow if needed," OIL director (finance) TK Ananth Kumar told reporters here.