Oil India to raise $900 m abroad for Mozambique project

Our Bureau New Delhi | Updated on June 26, 2013 Published on June 26, 2013

S.K. Srivastava, CMD, Oil India Ltd, with T K. Ananth Kumar, Director-Finance, addressing a press conference in the Capital on Wednesday. — Kamal Narang

Currency variation to have only marginal impact

Oil India Ltd on Wednesday said it would raise about $900 million to fund its latest stake buy out in Mozambique gas project.

“We plan to go to the overseas market to raise 80 per cent to 90 per cent of our share of $1 billion (in the acquisition),” said T.K. Ananth Kumar, Director (Finance) of OIL.

When asked about depreciating rupee and its impact on its fund raising plan, the Director said, “The currency variation will only have a marginal impact... to the extent of 10 per cent of the deal size that we have to pay from our reserves.”

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Published on June 26, 2013
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