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INDIA'S ONGC PRE-PAYS US$506 MLN ADB LOAN TO BECOME DEBT FREE.
NEW DELHI, July 1 Asia Pulse - India's Oil and Natural Gas Corporation (BSE:ONGC) (ONGC) has pre-paid all of its US$506 million foreign currency loan to become a debt free company.
"We have pre-paid the last of the foreign currency loan of US$201 million to the Asian Development Bank and have virtually become a debt free company," company sources said.
In May, ONGC cleared a US$305 million outstanding loan to the World Bank, which saved the corporation about Rs 2 billion, sources said.
"With this, the debt-equity ratio has now come down to 0.3:1 with only marginal Indian currency loans remaining," they said.
ONGC will save Rs 600 ...
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