ONGC May Raise Overseas Debt for $2.64 Billion Africa Deal
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ONGC Videsh Ltd., a unit of India’s biggest energy explorer, will probably raise debt overseas to fund its entire $2.64 billion purchase of a 10 percent stake in a Mozambique gas field from Anadarko Petroleum Corp.
“It’s a project where earnings will be in dollars, spending in dollars and hence we want the liabilities to be in dollars as well,” ONGC Videsh Managing Director D.K. Sarraf said in an interview. “The impact of the dollar funding could help avoid the impact of a fluctuating rupee.”