Cabinet Committee on Economic Affairs (CCEA) gave its approval for investment of Rs.5, 000 crore by Oil and Natural Gas Company Limited (ONGC) in the equity share capital of ONGC Videsh by conversion of existing loan of equivalent amount into equity.
- Oil and Natural Gas Corp (ONGC) had extended a loan of Rs 6,000 crore to its overseas investment arm to meet its acquisitions requirements. Of this, Rs 5,000 crore is being converted into equity.
- With this, the equity base of OVL will rise to Rs 15,000 crore. The entire loan ONGC had given to OVL was at zero interest.
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