India clears part of $6.4bn Iran debt

India clears part of $6.4bn Iran debt

India has made the first euro payments to Iran in four years to clear part of its $6.4-billion oil debt ahead of Prime Minister Narendra Modi's visit to Tehran on Sunday, reports say.

The payment through Turkey’s Halkbank was the first since the lifting of Western sanctions against the Islamic Republic in February, Indian media said on Saturday.

State refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) reportedly paid $500 million and Indian Oil Corp (IOC) $250 million, with private sector Essar Oil due to pay another $500 million, informs.