Investment20 Jun 2025, 07:51 pm
ONGC's Board Approves USD 412 Million Guarantee for Subsidiary's Fundraising
AI Summary
The Board of Directors of Oil and Natural Gas Corporation Ltd (ONGC) has approved a proposal to provide a corporate guarantee of up to USD 412 Million (including USD 257.5 Million approved on 31.01.2025) for raising funds (including refinancing of loans) by OVL Oversees IFSC Limited (OOIL). The funds will be utilized for onward lending to ONGC Videsh Limited (OVL), ONGC Videsh Rovuma Limited, or any other wholly owned subsidiary for making Overseas Direct Investment within the limits permitted by RBI and other regulatory authorities. OVL is a wholly owned subsidiary of ONGC, and OOIL and OVRL are wholly owned subsidiaries of OVL.
Key Highlights
- ONGC's Board approves USD 412 Million guarantee for OOIL's fundraising
- Funds to be utilized for onward lending to OVL, OVRL, or other wholly owned subsidiaries
- Funds to be used for Overseas Direct Investment within RBI and other regulatory authorities' limits
- OOIL, OVRL are wholly owned subsidiaries of OVL, which is a wholly owned subsidiary of ONGC