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No plans to list OVL — ONGC chief
Special Correspondent
NEW DELHI: With the Union Cabinet having given a formal nod for the takeover of U.K.-based Imperial Energy, Oil and Natural Gas Corporation on Thursday ruled out listing of its overseas subsidiary ONGC Videsh Ltd. (OVL), stating that it had adequate funds to meet any such acquisition needs.
According to ONGC Chairman and Managing Director R. S. Sharma, there were no plans to list OVL and reports in this regards were completely baseless. OVL has made a bid of $2.58 billion for acquisition of Imperial Energy and now the matter would be placed before the shareholders of the company and a decision would be known within the next one month or so. The company is already in talks with Russian partners for a possible tie up and takeover of Imperial Energy that has assets in the Tomsk region of the Western Siberia in Russia. “The parent company ONGC has ready cash to fund the acquisition. There is absolutely no need for any listing. Funding is in place for Imperial buy,” he said.
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