New Delhi, April 29 :    New Delhi, April 29:  Oil and Natural Gas Corporation Ltd (ONGC) will pre-pay two loans worth Rs 2,500 crore to the World Bank and Asian Development Bank to become a debt-free company. The government has, in principle, cleared the company's move to pre-pay its debts, which it is expected to do in June this year. ONGC will generate the necessary cash through internal resources. The public sector oil major had borrowed $ 450 million from the World Bank and $ 250 million from the ADB in the 1990s to fund various projects. The loans were to be repaid till 2010-20 at an interest rate of 10-12 per cent in rupee value. Announcing ONGC's financial results, chairman and managing director Subir Raha said: 'Our aim is to become a debt-free company and have a healthy balance sheet.' ONGC recorded an 8.1 per cent growth in net profit during the financial year 2001-02. The net profit rose to Rs 5,655 crore during 2001-02 from Rs 5,229 crore during last year. The turnover during the financial year ending March 31 stood at Rs 23,789 crore. Raha said the company was keen to attain vertical integration and would consider picking up a stake in BPCL or HPCL. 'We will take a decision to bid for BPCL or HPCL depending upon the offer. If we have an opportunity which is expected to benefit us, we will certainly take it,' said Raha. 'No decision has been taken as yet to bid for the two public sector oil companies. But there can be a collaboration if the opportunity comes our way,' he added. Commenting on the company's strategy after the dismantling of administered price mechanism (APM), Raha said ONGC currently supplies crude at $ 16 per barrel, which will continue till April 31, which means a cross subsidy of $ 7. 'We will decide on increasing the price of crude,' said Raha. Meanwhile, the consortium of Indian Oil Corporation, ONGC and Gas Authority of India Ltd are waiting for approval from the Bangladesh government to undertake gas exploration projects and to transport it to India through Tripura. A working group consisting of the three companies will soon set up a project committee that will prepare a report, based on which the further discussions will be held.