Oil and Natural Gas Corporation Limited has entered into short-term loan agreements with three banks to part-fund its acquisition of Hindustan Petroleum Corp. Ltd. The banks are Punjab National Bank, Axis Bank and Bank of India, with agreements signed on 22 January for loans totalling to INR 180,600 million. ONGC has a funding requirement INR 369.15 billion for buying government`s 51.2% stake in the petroleum retailer. The loan agreement with PNB has a sub-limit of INR 106 billion towards foreign currency loan for one year, adding that with Bank of India it has a loan agreement of $300 million sub-limit for FCNR (foreign currency non-repatriable) and FCTL (foreign currency term loan) for one year.