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