ONGC Videsh plans to raise $525 million

ONGC NSE 1.88 % Videsh is in the process of raising $525 million in foreign currency loans from a mix of domestic and foreign lenders to repay bonds maturing next month, according to people with knowledge of the matter.

ONGC Videsh, the overseas arm of the state-run explorer Oil and Natural Gas Corp, is in talks with half a dozen foreign and domestic banks for the loan and expects to close the deal this month and draw down next month, people cited above said.