ONGC Board Approves Corporate Guarantee of Up To USD 412 Million for Overseas Ventures
The guarantee will help OVL Overseas IFSC Limited (OOIL), a wholly-owned subsidiary of ONGC Videsh Limited (OVL), raise funds, including refinancing existing loans.
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New Delhi, June 21, 2025 – Oil and Natural Gas Corporation Limited (ONGC) announced yesterday that its Board of Directors has approved a proposal to offer a corporate guarantee of up to USD 412 Million. This includes an earlier approved amount of USD 257.5 Million from January 31, 2025.
The guarantee will help OVL Overseas IFSC Limited (OOIL), a wholly-owned subsidiary of ONGC Videsh Limited (OVL), raise funds, including refinancing existing loans. OOIL will use these funds for lending to ONGC Videsh Limited (OVL) or ONGC Videsh Rovuma Limited (OVRL), or any other wholly-owned subsidiary of OVL.
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The main purpose of these funds is to support Overseas Direct Investment (ODI) within the limits set by the Reserve Bank of India (RBI) and other regulatory bodies. OVL is a wholly-owned subsidiary of ONGC, and both OOIL and OVRL are wholly-owned subsidiaries of OVL.
The Board meeting started at 5:00 PM and ended at 6:45 PM on June 20, 2025, where this proposal was considered and approved.
This decision shows ONGC's commitment to supporting its international ventures and growing its global presence in the oil and gas sector.
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