The overseas unit of Indian state explorer Oil and Natural Gas Corp plans to raise $1.5 billion to refinance a bridge loan it had taken to buy a 10 percent stake in Mozambique's Rovuma gas field from India's Videocon group.

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"Currently the market conditions are good. We have time of about one year, but we will refinance the bridge loan in three to four months," ONGC Videsh finance director S.P Garg told reporters.

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ONGC, along with state firm Oil India, acquired a 10 percent stake in the Mozambique gas field from Videocon for $2.48 billion. ONGC separately acquired another 10 percent stake in the block from Anadarko Petroleum Corp for $2.64 billion later.