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The loan will strengthen ONGC Videsh s available cash as it contends with shrinking free cash. Merchant bankers said last month that the company was likely to issue bonds to raise funds, and Venezuela provided some respite in January by agreeing to give ONGC Videsh some oil in lieu of $600 million dividend dues. ....
Both the banks are meeting prospective lenders in a bid to distribute the loan to a wider network of banks across Asia, people familiar with the transaction said. "This is a five-year loan raised at about 125 basis points above the corresponding benchmark secured overnight financing rate (SOFR) and is likely to be syndicated to other lenders in the region by next month," one of them said. ....
ONGC Videsh Ltd (OVL), the overseas investment arm of India s Oil and Natural Gas Corporation, has established a wholly-owned subsidiary named OVL Overseas IFSC Ltd in GIFT City, Gujarat. This entity in GIFT City will serve as the global treasury center for OVL and its 25 subsidiaries, covering 15 countries. ....
"Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. ....