ONGC Videsh Ltd. (OVL), the overseas arm of Oil and Natural Gas Corp (ONGC), has raised $2.5 billion in foreign loans to fund its acquisition of 10 per cent stake in a giant Mozambique gas field.
The company had in August last year bought U.S. energy major Anadarko Corp’s 10 per cent stake in the Mozambique gas field for $2.6 billion. The loan it has raised will fund that acquisition.
“OVL has entered into separate agreements with two consortiums of international banks to raise $2.5 billion by way of offshore borrowings to finance its acquisition of 10 per cent participating interest in Rovuma Area I Block in Mozambique offshore,” the company said in a statement.
