India IOC current debt at over $14b

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NEW DELHI, Dec 13 (Reuters): Indian Oil Corp's current borrowings are at over 790 billion rupees ($14.9 billion) which it hopes to reduce by early January with some cash compensation from the government, its chairman R.S. Butola said Tuesday. He said the company hoped to get a cash compensation of 160 billion rupees by early January for selling fuels at subsidised rates. The government has agreed to give cash subsidy of 300 billion rupees to state-run firms selling subsidised fuels during April to September.