Indian oil retailers to receive about 70 bln rupees cash subsidy

Last Updated: Tue, Jun 11, 2013 07:30 hrs

MUMBAI, June 11 (Reuters) - Indian state oil marketing companies are expected to received a first tranche of about 70 billion rupees ($1.21 billion) as part of a cash subsidy payout for the January-March period, two officials at state-owned oil companies told Reuters.

The cash payout will be in six tranches of an equivalent amount every Tuesday, the officials said. The subsidy will be paid by July-end.

The Finance Ministry approved 450 billion rupees in subsidy payouts to oil retailers last month. ($1 = 57.9100 Indian rupees) (Reporting by Neha Dasgupta and Prashant Mehra; Editing by Supriya Kurane)

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