ONGC Videsh incorporates wholly owned subsidiary in GIFT City
OVL, now a Navratana Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas, is the wholly-owned subsidiary and overseas arm of ONGC, the flagship national oil company (NOC) of India.
New Delhi: Navratna company ONGC Videsh Ltd. (OVL) has incorporated a wholly owned subsidiary OVL Overseas IFSC Ltd. (OOIL) in GIFT City, Gujarat.
This GIFT city entity will function as the Global Treasury Centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. Given the business-friendly regulatory environment in GIFT City, OOIL expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 Million Metric Tonnes Oil & Oil equivalent (MMToe) by 2040 from overseas assets.
Read Also : NTPC Swayamsiddha Ladies Club celebrates Annual Day with grandeurWith India’s first International Financial Services Centre at GIFT City now operational, it will give option to Indian and overseas multinationals to shift their overseas investments onshore. OOIL will, thus, act as ONGC Group’s gateway to the world for its overseas ventures and investments.
Read Also : 'Convocation' of Security Training Course at Indora campus of WCLOVL, now a Navratana Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas, is the wholly-owned subsidiary and overseas arm of ONGC, the flagship national oil company (NOC) of India. ONGC Videsh is playing a pivotal role in securing the energy interests of India, which imports a significant part of its hydrocarbon requirements.
The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. ONGC Videsh owns Participating Interests in 32 oil and gas assets in 15 countries. In terms of reserves and production, ONGC Videsh is the second largest petroleum company of India, next only to its parent ONGC.
ONGC Group stands as a prominent global player in the energy industry, with a growing international presence. Dedicated to advancing sustainable energy initiatives, ONGC has set Net Zero Scope-1 and Scope-2 Emissions goals by 2038, exemplifying its commitment to environmental stewardship. Committed to sustainable energy solutions, ONGC plays a pivotal role in meeting India's growing energy demands while upholding the highest standards of corporate governance and environmental responsibility.
News Must Read
- IREDA bags Navratna status from government
- EIL and Mongol Refinery resumed external construction activities at Mongol Refinery Project site
- World's Largest Airport Coming; 5 times bigger than Dubai International Airport
- NTPC inks pact with RINL for supply of limestone
- RBL Bank Q4 Audited Financial results, FY24
- NCL General Manager (Finance) D Sunil Kumar recommended for SECL Director (Finance)
- Bank of Maharashtra Q4 results, Net Profit increased by 44.95 percent to Rs 1,218 crore
- Axis Bank Overtakes Kotak Mahindra Bank to Become India's Fourth Most Valued Lender
- LIC cuts stakes in major PSU stocks
- SJVN CMD Geeta Kapur Inaugurates Construction Works at Sunni Dam Project in Himachal Pradesh