State explorer Oil India plans to raise $100 million in foreign loans by December to part-fund its stake buy in Carrizo Oil & Gas's Niobrara shale asset, its finance director T.K. Ananth Kumar said on Thursday.

Earlier, Oil India and Indian Oil Corp said they have jointly bought a 30 percent stake in Houston-based Carrizo's Niobrara shale acreage in Colarado for $82.5 million.

(Reporting by Nidhi Verma; Editing by G.Ram Mohan)