Mangalore Refinery & Petrochemicals Ltd., a unit of the Indian energy explorer Oil & Natural Gas Corp., signed a $250 million loan, according to two people with direct knowledge of the matter.
Bank of Baroda, Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Financial Group Inc. and State Bank of India arranged the loan, said the people, who asked not to be identified because the details are private. The loan has two parts maturing in June 2017 and December 2018, one of the people said.
Proceeds will be used to expand capacity at the company’s refinery in Mangalore on India’s west coast, the people said. Oil & Natural Gas owned 71.63 percent of Mangalore Refinery as of Dec. 31, according to a stock-exchange filing.
Two calls to Narayani Mahil, New Delhi-based spokeswoman at Oil & Natural Gas, seeking comment on the loan were unanswered.