ONGC to raise first ever debt of â¹25,000 cr to fund HPCL buy
Oil and Natural Gas Corporation (ONGC) will raise its first ever debt of â¹25,000 crore to partly fund the â¹37,000 crore acquisition of government's 51.11% stake in HPCL. ONGC has about â¹13,000 crore in cash, and would need to borrow the rest to fund the acquisition. Notably, the board of ONGC last month gave in-principle approval for the acquisition.