Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has borrowed Rs 4,000 crore from ICICI Bank on top of over Rs 18,000 crore it has taken from three other banks - Punjab National Bank (PNB), Axis Bank and Bank of India (BOI) to part finance its Rs 36,915 crore acquisition of Hindustan Petroleum Corporation (HPCL).  The ICICI Bank has extended one-year loan to ONGC to fund the acquisition of government’s 51.11% stake in HPCL.

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.