R ARIVANANTHAM
GANDHINAGAR, JAN 10
Navratna company ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in GIFT City, Gujarat.
Secretary MoPNG Shri Pankaj Jain inaugurates @ongcvideshltd's cutting-edge group treasury center in GIFT City, Gandhinagar. A momentous event for OVL marked by the esteemed presence of Chairperson IFSCA, K Rajaraman, Chairman ONGC, Shri Arun Kumar Singh, Managing Director OVL,… pic.twitter.com/hYeCsBl3mu
— ONGC VIDESH Limited (@ongcvideshltd) January 10, 2024
“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 (OVL Overseas IFSC Ltd) 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 tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets,” the company said in a statement.
India’s first International Financial Services Centre at GIFT City gives options 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,” it added.
OVL owns interests in 32 oil and gas assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC).
