Bengaluru: ONGC Videsh, the overseas investment unit of the country’s top explorer, Oil and Natural Gas Corp, has received a five-year over Rs 34 thousand crore loan from DBS Bank and Bank of Baroda , a company spokesperson said on Thursday.
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 over Rs 49 thousand crore dividend dues.
ONGC Videsh’s free cash flow was down about 88 per cent from a year earlier to Rs 648 crore ($78 million) in the financial year ended March 2023, as per LSEG data.
