PSU NEWS
Govt bails out ONGC Oil India of Rs 22000 crore royalty liability
The central government will pay two state-owned firms' outstanding liabilities of Rs 14,698 crore directly to the state governments, who will not insist on levy of Rs 7,223 crore interest on payments that were due from April 2008.
Oil and Natural Gas Corp (ONGC) had to pay Gujarat Rs 8,392 crore and Assam Rs 1,404 crore in royalties for the period between April 1, 2008 and January 2014. On this amount, it faced an interest liability of Rs 2,868 crore.
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