ONGC raises borrowing limit to Rs 350 billion for HPCL deal

State-run Oil and Natural Gas Corporation (ONGC) on Sunday said that the company has increased its borrowing limit to Rs 350 billion for the acquisition of government’s entire 51.11 per cent stake in oil refiner Hindustan Petroleum Corporation (HPCL).  

However, ONGC chairman and managing director Shashi Shankar said that borrowing will be the final option before the board to finance the deal. “We have a cash balance of about Rs 130 billion. In addition to this, our liquid assets in the form of stakes in Indian Oil Corporation and GAIL (India) worth about Rs 300 billion. If required only, we will