NEW DELHI: State-owned Oil and Natural Gas Corp ( ONGC ) today said it has tied-up over Rs 18,000 crore loan from three banks to part finance its Rs 36,915 crore acquisition of Hindustan Petroleum Corp Ltd ( HPCL ).In a regulatory filing, ONGC said it had yesterday entered into loan agreements with Punjab National Bank, Bank of India and Axis Bank Ltd for the borrowing Rs 18,060 crore for the acquisition.ONGC said the loans are of one-year duration. "We will use our (Rs 12,000-13,000 crore) cash first and then the liquid assets and debt will be last," he had said. "This order can change, because we won't sell the liquid assets in distress. Also, we have offers for over Rs 50,000 crore debt at very competitive rates, both foreign currency and local. "ONGC holds 13.77 per cent stake in Indian Oil Corp (IOC), which is worth over Rs 26,000 crore.

Source: Economic Times January 23, 2018 14:37 UTC