Cabinet nod for ONGC’s Rs.5,000 crore investment in ONGC Videsh


New Delhi : The Cabinet Committee on Economic Affairs on Tuesday approved an investment of Rs.5,000 crore to be made by public sector explorer ONGC into the equity share capital of its foreign arm ONGC Videsh.

“The Cabinet Committee on Economic Affairs has given its approval for investment of Rs.5,000 crore by Oil and Natural Gas Company Limited (ONGC) into the equity share capital of ONGC Videsh by conversion of existing loan of equivalent amount into equity,” a cabinet communique said.

The approved investment will strengthen the capital base of ONGC Videsh, the statement said.

“It will enhance the ability of ONGC to undertake overseas exploration and production business, thereby improving the energy security of the country,” it added.

Related Posts Plugin for WordPress, Blogger...
Nagaraju Tadakaluri
Nagaraju Tadakaluri is a Professional Web Designer, Freelance Writer, Search Engine Optimizer (SEO), Online Marketer, Multi Level Marketer (MLM) and Business Promoter. Have developed Latest Updates in hopes to educate, inform and inspire.

Super 30 Founder Anand Kumar Suggests A Reality Show On Mathematics

Previous article

Watch this delightfully interactive Christmas story on your smartphone

Next article

You may also like


Comments are closed.

More in Finance