ONGC Board Clears $412 Million Guarantee To Support Overseas Investments

Oil and Natural Gas Corp. Ltd. on Friday said its board has approved a corporate guarantee of up to $412 million for fund-raising by subsidiary OVL Overseas IFSC Ltd.

The funds will be used to refinance existing loans and provide onward lending to ONGC Videsh Ltd. and ONGC Videsh Rovuma Ltd. for overseas direct investments, the company said in an exchange filing. The total amount includes a $257.5 million guarantee previously approved in January.