<p>State-owned Oil and Natural Gas Corporation (ONGC) has increased its first ever debt-raising plans by 40%, to as much as Rs 35,000 crore, to fund its Rs 36,915-crore acquisition of Hindustan Petroleum (HPCL).</p>.<p class="bodytext">The acquisition would create India's first integrated oil company. This would be ONGC's biggest acquisition and second buyout this fiscal after its Rs 7,738 crore acquisition of 80% stake in Gujarat State Petroleum Corporation's KG Basin gas block.</p>.<p class="bodytext">ONGC Chairman and Managing Director Shashi Shanker said the two deals would not affect the company's overseas acquisition plans as "with a consolidated balance sheet (of ONGC and HPCL), we would be better equipped to take higher risks and eye better assets".</p>
<p>State-owned Oil and Natural Gas Corporation (ONGC) has increased its first ever debt-raising plans by 40%, to as much as Rs 35,000 crore, to fund its Rs 36,915-crore acquisition of Hindustan Petroleum (HPCL).</p>.<p class="bodytext">The acquisition would create India's first integrated oil company. This would be ONGC's biggest acquisition and second buyout this fiscal after its Rs 7,738 crore acquisition of 80% stake in Gujarat State Petroleum Corporation's KG Basin gas block.</p>.<p class="bodytext">ONGC Chairman and Managing Director Shashi Shanker said the two deals would not affect the company's overseas acquisition plans as "with a consolidated balance sheet (of ONGC and HPCL), we would be better equipped to take higher risks and eye better assets".</p>