ONGC Videsh (OVL) plans to raise up to Rs 5,000 crore through non-convertible debentures (NCDs) and an additional Rs 5,000 crore through commercial paper. OVL, a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), is seeking funds for capex, refinancing, and operations. ONGC has guaranteed OVL’s outstanding debt of Rs 38,200 crore for FY23. The proposed NCDs have been assigned a “AAA” rating by India Ratings, and commercial paper has an “A1+” rating. OVL’s entire loan book is foreign currency-denominated due to its overseas operations. The company has stakes in 32 oil and gas projects across 15 countries.
ONGC Videsh Eyes Rs 10,000 Crore Funding via NCDs and Commercial Paper for Overseas Operations
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2023/12/25110556/1546791704-2627.jpg)