OMPL plans to raise $510 million through foreign currency term loan

ONGC Mangalore Petrochemicals (OMPL) plans to raise $510 million (Rs 3,600 crore) through a foreign currency term loan, maturing July 2027, with a moratorium of three years for repayment.
 
India Ratings and Research (Ind-Ra) has assigned an ‘AAA/stable’ rating. It says this was done after considering OMPL’s strong operational and strategic ties with its sponsors, Mangalore Refinery and Petrochemicals (MRPL, 51 per cent stake) and Oil and Natural Gas Corporation (ONGC, 49 per cent). ONGC actually holds 71.6 per cent of the equity, the rest from its stake through Hindustan Petroleum Corporation in MRPL.
 
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