ONGC cuts debt by 35% to Rs 13,949 crore

State-owned Oil and Natural Gas Corporation (ONGC) has cut its debt by more than one-third but faces an uphill challenge to meeting planned expenditure during current fiscal due to oil and gas prices falling below sub-optimal levels, according to company officials and regulatory filings.

ONGC’s outstanding debt of Rs 21,593 crore as on March 31, 2019 has come down to Rs 13,949 crore as on March 31, 2020, as it used revenue from better operations to retire some of the borrowings, according to the company’s regulatory filings.

Out of this debt, long-term borrowings account for Rs 2,245 crore which are due for maturity in December 2029.

The company had cash and cash equivalent (including other bank balances) of Rs 968 crore as on March 31, 2020, up from a record low of Rs 504 crore a year back.