ONGC approves USD 412m corporate guarantee for OVL

Oil and Natural Gas Corporation (ONGC) has announced that its Board of Directors approved a proposal to provide a corporate guarantee of up to USD 412 million (including USD 257.5 million approved on 31.01.2025) for its subsidiary, OVL Oversees IFSC Limited (OOIL). The funds raised by OOIL, a step-down subsidiary, will be utilized for raising funds (including refinancing of loans) from time to time either in whole or in parts. These funds are earmarked for onward lending to ONGC Videsh Limited (OVL) and/or ONGC Videsh Rovuma Limited (“OVRL”), the wholly owned subsidiaries of OVL, to facilitate Overseas Direct Investment (ODI). The decision aligns with ONGC’s strategic objectives for international expansion and is subject to regulatory compliance. The Board meeting, held on June 20, 2025, concluded at 18:45 hrs, having commenced at 17:00 hrs. OVL is WoS of ONGC. OOIL and OVRL are WoS of OVL.