Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited and GAIL (India) Limited have exceeded their capital expenditure targets for 2018-19 owing to heavy expenditures on refinery upgrades, pipelines and marketing infrastructure. The combined capital expenditure target set for the state-run oil producers, refiners and marketers for 2018-19 was Rs 893.35 billion. Of this, they had collectively spent Rs 827.11 billion (about 93 per cent) in the 11 months till February 2019.
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