Oil India seems to be on a buying spree lately as it is likely to acquire another gas asset in Africa for $200 million.
"We will be announcing another acquisition of a significant oil and gas asset for about $200 million in Africa by July end," a senior executive of the company told media.
Moreover, Oil India that recently acquired stake in Mozambique gas field from Videocon Industries has to raise $800-900 million in foreign debt to finance its share in the $2.5 billion acquisition of the gas field.
The company is on the final stage of negotiation and would go to overseas market to raise 80 to 90 per cent of the share of $1 billion in the acquisition.
The borrowing, which will insulate the company from the volatility in the rupee-dollar exchange rate, will be a combination of external commercial borrowing and US dollar bond issue.