Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has entered into the loan agreements with three banks to part-fund its acquisition of HPCL. The company has entered into agreements with Punjab National Bank (PNB), Axis Bank and Bank of India (BOI) on January 22 for loans totaling to Rs 18,060 crore.

As per the agreements, PNB will lend Rs 10,600 crore, while the loan amount from BOI will be Rs 4,460 crore and that from Axis Bank will be Rs 3,000 crore.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.