THE FINANCE MINISTRY is unlikely to accept state-run oil marketing companies' (OMCs) demand for either grant or loan route for the promised ₹30,000 crore government capital support to them in the current financial year. The entire support, which is aimed at boosting their ability to invest in energy transition and clean technology projects, will be in the form of equity, a senior official told FE.
"Even though no final decision has been taken yet, it may not be a loan, but an equity infusion. If the government invests, it must get equity," he said.
In the Budget 2023-24 presented on February 1, the government had said that the proposed equity capital investment in OMCS was towards energy transition and net-zero objectives.
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