Active Development AidData Chinese Aid

Bank of China contributes to a $1 billion USD syndicated loan for ONGC Videsh Limited (OVL) for refinancing purposes

$90.91M USD

Funder	Bank of China (BOC)
Recipient Organization	Oil and Natural Gas Corporation (ONGC)
Country	India
Start Date	Mar 01, 2020
End Date	Dec 18, 2026
Duration	2,483 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98602`

Grant Description

Bank of China contributes to a $1 billion USD syndicated loan for ONGC Videsh Limited (OVL) in 2020 In March 2020, Bank of China contributed to a $1 billion USD syndicated loan to ONGC Videsh Limited (OVL), a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), the National Oil Company of India.

The loan held a five-year maturity period and was to be used for refinancing. 11 banks participated in the loan.

Bank of Baroda, DBS, First Abu Dhabi, Korea Development Bank, MUFG, State Bank of India, Sumitomo Mitsui Banking Corp, UOB, and Westpac participated as mandated lead arrangers (MLAs) and bookrunners. Bank of China and Intesa Sanpaolo joined in syndication.

📋 Staff Comments

1. The individual contribution of the 11 lenders to this $1 billion USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($90909090.9091 USD) to the $1 billion syndicated loan.

📚 Sources & References

Adani Electricity ditches syndication, clubs $400m loan Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.