Bharat Petroleum Corp. is seeking to raise approximately $400 million for additional capital expenditure this financial year, Financial Chronicle reports. The Indian oil marketing company will raise the money through external commercial borrowings (ECBs).
The company is also in discussions with 15 international and domestic banks, including BNP Paribas, Standard Chartered and Citi, to raise the fund. The company aims to use the money as working capital for expansion of the Mumbai refinery and for gas business in 2011.
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