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BW Businessworld

ONGC Videsh To Raise $1.5 Bn To Fund Mozambique Acquisition

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The overseas unit of Indian state explorer Oil and Natural Gas Corp plans to raise $1.5 billion to refinance a bridge loan that it expects to finalise soon to buy a 10 per cent stake in Mozambique's Rovuma gas field from Videocon group.

"Currently the market conditions are good. We have time of about one year, but we will refinance the bridge loan in three to four months," ONGC Videsh finance director S.P Garg told reporters.

ONGC, along with state firm Oil India, acquired a 10 per cent stake in the Mozambique gas field from Videocon for $2.48 billion. ONGC separately acquired another 10 per cent stake in the block from Anadarko Petroleum Corp for $2.64 billion later.