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OVL to go alone for fund-raising

Will scale down financial dependence on parent company; has borrowings of over Rs 16,000 crore from ONGC. ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corporation (ONGC) that has interests in nine producing overseas assets, is looking to scale down financial dependence on the parent company. OVL, which has borrowings of over Rs 16,000 crore from ONGC, will now be looking for funds on its own. OVL came into being in 1989, with rechristening of the erstwhile Hydrocarbons India Private Ltd, incorporated in 1965. Over a period of time, it has grown to become the ...