Oil and Natural Gas Corporation’s (ONGC) wholly-owned subsidiary -- ONGC Videsh (OVL) has incorporated a wholly owned subsidiary namely OVL Overseas IFSC (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.
With 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.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
| Company Name | CMP |
|---|---|
| ONGC | 283.95 |
| Oil India | 470.10 |
| Jindal Drilling&Inds | 540.15 |
| Deep Industries | 476.90 |
| Asian Energy Service | 306.05 |
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