Overview

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

Commitments (Constant USD, 2023)$93,793,984

Commitment Year•2020Country of Activity•IndiaDirect Recipient Country of Incorporation•IndiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 1, 2020

Last repayment (originally scheduled): Feb 28, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Cofinancing agencies

Private Sector

DBS Bank Ltd.
Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Sumitomo Mitsui Banking Corporation (SMBC)
United Overseas Bank Limited (UOB)
Westpac Banking Corporation

State-owned Banks

Bank of Baroda
First Abu Dhabi Bank PJSC (FAB)
Korea Development Bank (KDB)
State Bank of India (SBI)

Receiving agencies

State-owned companies

Oil and Natural Gas Corporation (ONGC)

Loan description

Bank of China contributes to a $1 billion USD syndicated loan for ONGC Videsh Limited (OVL) in 2020

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

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.