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ONGC Videsh, the overseas investment unit of the country’s top explorer, Oil and Natural Gas Corp, has received a five-year $420 million loan from DBS Bank and Bank of Baroda, a company spokesperson said on Thursday.
The loan will strengthen ONGC Videsh’s available cash as it contends with shrinking free cash.
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Merchant bankers said last month that the company was likely to issue bonds to raise funds, and Venezuela provided some respite in January by agreeing to…
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