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ONGC’s overseas investment arm to launch first overseas bond issue in Feb

01 Feb 2013 Evaluate

ONGC Videsh (OVL), overseas investment arm of Oil and Natural Gas Corporation (ONGC) is expected to launch its first overseas bond issue in February to raise about $900 million to fund an acquisition in Azerbaijan. This development right after the Cabinet Committee on Economic Affairs (CCEA) cleared, ONGC Videsh's (OVL) proposal to acquire minority stakes of Hess Corporation in prolific oil fields and a pipeline in Azerbaijan for $1 billion.

Further the acquisition, which shall provide OVL, oil production of about 1 million tonnes per year for about a decade, also marks OVL's entry into oil rich Azerbaijan. Meanwhile, the company has hired RBS, Citigroup and Deutsche Bank for fund raising.

Peers
Company Name CMP
ONGC 227.30
Oil India 451.70
Jindal Drilling&Inds 513.85
Deep Industries 672.70
Asian Energy Service 397.10
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