The Board of Directors of GOCL Corporation Limited has at its Meeting held on 16 January 2020, decided to accept a line of credit/SBLC facility of USD 300 million from Union Bank of India (UBI). Out of this, USD 150 million is to support HGHL, a wholly owned subsidiary of the Company based in the United Kingdom for their business operations. The balance line of credit /SBLC Facility of USD 150 million is kept for future needs. This SBLC facility will be collaterally secured by the factory land parcel of the Company at Hyderabad and also will be guaranteed by Gulf Oil International Limited (GOIL) along with a Cash Deficit Undertaking to UBI.