Reuters SG
India's ONGC Videsh , the overseas investment unit of the country's top explorer, Oil and Natural Gas Corp, has received a five-year $420 million loan from DBS Bank and Bank of Baroda , a company spokesperson said on Thursday. The loan will strengthen ONGC Videsh's available cash as it contends with shrinking free cash. Merchant bankers said last month that the company was likely to issue bonds to raise funds, and Venezuela provided some respite in January by agreeing to give ONGC Videsh some oil in lieu of $600 million dividend dues.