The ONGC board has opined that it is not the right time to list the firm’s overseas investment arm ONGC Videsh on the bourses, sources said. The board of Oil and Natural Gas Corp (ONGC) on December 21 considered the government demand for listing its profitable overseas investment arm ONGC Videsh Ltd (OVL).
The board deliberated on the demand from the Department of Investment and Public Asset Management (DIPAM) for the listing of OVL but felt that the market conditions are not right for an oil and gas exploration and production company to list, they said, adding that there were several complexities involved in getting the firm listed.
OVL, sources said, has assets in countries like Venezuela, Iran, and Sudan, which are exposed to some or other Western sanctions. These assets will have to be first separated from the company. While this may not be a difficult task, it would involve issues of capital gains and tax thereon, they said. Read More
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