Ongc Secures $160 Million Fcnr(B) Funds

Oil & Natural Gas Corporation (ONGC) has secured a $160 million loan from the foreign currency non-resident FCNR(B) depo-sits of a consortium of domestic banks at a marginally lower rate of interest than the cost of external commercial borrowings (ECBs).

The loan was raised at 100 basis points above the ruling London inter-bank offer rate (Libor) of 5.6 per cent against 7 per cent in the case of ECBs.