OVL to Raise .` 5,190 cr in Loans to Meet Capex

The Economic Times - - Companies -

ONGC Videsh, the over­seas arm of state ex­plorer Oil and Nat­u­ral Gas Corp (ONGC), plans to raise .` 5,190 crore in loans this fis­cal to fund its planned cap­i­tal ex­pen­di­ture of .` 14,792 crore. The fund-rais­ing will be be­sides the long-term debt it plans to take to re­pay bridge, or short-term fi­nanc­ing, it had re­sorted to fund ac­qui­si­tion of 16% stake in a gi­ant gas field in Mozam­bique for $4.125 bil­lion. “Our planned capex for 2014-15 is .` 14,792.09 crore. Of this, .` 9,602.45 crore will be met from in­ter­nal re­source gen­er­a­tion (rev­enue from sale of oil and gas) and the re­main­ing .` 5,189.64 crore will have to be raised in loans,” a se­nior com­pany of­fi­cial said.

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