ONGC Videsh to raise $1.5 bn to fund Mozambique acquisition
The overseas unit of state explorer Oil and Natural Gas Corporation (ONGC) plans to raise USD 1.5 billion to refinance a bridge loan it had taken to buy a 10 percent stake in Mozambique's Rovuma gas field from India's Videocon group.
September 25, 2013 / 16:50 IST
The overseas unit of state explorer Oil and Natural Gas Corporation (ONGC) plans to raise USD 1.5 billion to refinance a bridge loan it had taken to buy a 10 percent stake in Mozambique's Rovuma gas field from India's Videocon group.
Also Read: No proposal to increase diesel prices as of now: Moily"Currently the market conditions are good. We have time of about one year, but we will refinance the bridge loan in three to four months," ONGC Videsh finance director S.P Garg told reporters.ONGC, along with state firm Oil India, acquired a 10 percent stake in the Mozambique gas field from Videocon for USD 2.48 billion. ONGC separately acquired another 10 percent stake in the block from Anadarko Petroleum Corp for USD 2.64 billion later. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
