India approves conversion of ONGC loan to unit into equity

December 22, 2015 4:50 PM

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NEW DELHI A cabinet panel on Tuesday approved the conversion to equity of a 50 billion rupee ($755.16 million) loan extended by state-run Oil and Natural Gas Corp (ONGC) to its overseas investment arm.

The Union oil ministry said the investment will strengthen the capital base of ONGC Vide (OVAL), which is exploring for oil and gas assets in regions including Africa to feed India's rising energy demand.

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