With a view to unlocking value and aiding the Central exchequer, the government has asked state-run oil explorer ONGC to list its overseas arm ONGC Videsh (OVL) on the Indian stock exchanges, sources said.<\/p>\n
The direction has been communicated by the Department of Investment and Public Asset Management under the ministry of finance through a letter.<\/p>\n
ONGC, through its overseas arm OVL, has stake in 41 oil and gas projects under various stages of development across 20 countries including Brazil, Colombia, Iran, Iraq, Mozambique, New Zealand, Russia, Venezuela and Vietnam. Since its inception, OVL spent around Rs 1.06 lakh crore in acquiring assets till the end of 2016-17, as per its latest annual report.<\/p>\n
While OVL has been a high-turnover but comparatively less-profit company, it was in the red in FY16. However, the company recovered and reported a net profit of Rs 701 crore on a turnover of Rs 1,761 crore in FY17, mostly because of returns from its investment in Russia\u2019s Vankor fields.<\/p>\n
The direction is in sync with the Securities and Exchange Board of India (Sebi) which stipulates that public enterprises having a positive net worth and without any accumulated loss should be listed on stock exchanges so that the government can fetch its true value.<\/p>\n
However, the issue of listing OVL on Indian bourses had cropped up earlier, too, without any success.<\/p>\n
According to a source, the listing may not happen this time as well. An email sent to ONGC seeking clarification remained unanswered.<\/p>\n","protected":false},"excerpt":{"rendered":"
With a view to unlocking value and aiding the Central exchequer, the government has asked state-run oil explorer ONGC to list its overseas arm ONGC Videsh (OVL) on the Indian stock exchanges, sources said. The direction has been communicated by the Department of Investment and Public Asset Management under the ministry of finance through a […]<\/p>\n","protected":false},"author":1,"featured_media":39892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-39891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/39891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=39891"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/39891\/revisions"}],"predecessor-version":[{"id":39893,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/39891\/revisions\/39893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/39892"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=39891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=39891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=39891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}