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ONGC Joins Hands with Banks to Part-Fund HPCL Acquisition
January 24, 2018
The Oil and Natural Gas Corporation Limited (ONGC) has partnered with three different banks to help with the funding of Hindustan Petroleum Corporation Limited (HPCL) acquisition.
The oil and gas exporter recently signed short-term loan agreements with Bank of India, Axis Bank, and Punjab National Bank (PNB) for a combined loan amount of Rs. 18,060 crores.
ONGC MD and Chairman Shashi Shanker said that the board has approved to increase the borrowing limit to Rs. 35,000 crores and that the corporation has also received several loan offers worth Rs. 50,000 crores so far.
