ONGC borrows Rs. 4,000 crore from ICICI Bank

New Delhi, Jan 25 : The Oil and Natural Gas Corporation (ONGC) has borrowed around Rs. 4,000 crore from the ICICI Bank. Borrowing is part of a tie-up with three banks- Punjab National Bank (PNB), Bank of India (BOI) and Axis Bank, which took Rs. 18,060 crore for part funding its acquisition cost of Rs. 36,915 crore equity shares of the Hindustan Petroleum Corporation Limited (HPCL). The acquisition would also create India's first integrated oil company. Earlier, the ONGC said that it has entered into loan agreements with the three banks- Rs. 10,600 crore with PNB, Rs. 4,460 crore with BOI and Rs. 3,000 crores with Axis Bank, respectively.
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