Oil & Natural Gas Corporation Limited has informed the Exchange regarding approval for providing Corporate Guarantee upto USD 412 Million for raising funds (including refinancing of loans) by OVL Oversees IFSC Limited (OOIL), a step down subsidiary of the Company.
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ONGC's board, at its meeting on 20 June 2025, approved providing a Corporate Guarantee of up to USD 412 Million for OVL Overseas IFSC Limited (OOIL), a step-down subsidiary. This includes USD 257.5 Million already approved on 31 January 2025. The guarantee will help OOIL raise funds, including refinancing existing loans, which will then be on-lent to ONGC Videsh Limited (OVL) and/or ONGC Videsh Rovuma Limited (OVRL) or other wholly owned subsidiaries of OVL. The funds are intended for Overseas Direct Investment (ODI) within RBI and regulatory limits. ONGC directly owns OVL, while OOIL and OVRL are wholly owned subsidiaries of OVL.
The guarantee increases ONGC's contingent liability by up to USD 412 Million to support overseas investment activities through its subsidiaries. While this is not a direct cash outflow, it commits ONGC's creditworthiness to fund the foreign expansion plans of OVL, and any stress at the subsidiary level could impact the parent.