ONGC Videsh to raise $1.5b in 3-4 months to fund Mozambique acquisition
Sep 25 2013 , New Delhi
"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 percent stake in the Mozambique gas field from Videocon for $2.48 billion. ONGC separately acquired another 10 percent stake in the block from Anadarko Petroleum Corp for $2.64 billion later.