Oil India to Fund Mozambique Block via Overseas Debt Increase

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Written by Makula Dunbar

From The Economic Times

State-run explorer Oil India Ltd (BSE 1.89%) expects to raise 80-90 percent of the $1 billion it has agreed to pay for a stake in a Mozambique offshore gas block through overseas debt, its chief financial officer said on Monday.

The company has not yet decided the instruments it will tap to raise the debt, T.K. Ananth Kumar told reporters.

Last week, state oil firms ONGC (BSE -0.55%) and Oil India agreed to buy a 10 percent stake in Rovuma Area 1 block off Mozambique’s coast from India’s Videocon Group for $2.48 billion.

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