Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary -- ONGC Videsh (OVL) has received approval for the liquidation of Tamba B.V., Netherlands (an Associate company of OVL, with 27% equity stake through one of its subsidiary). Tamba B.V. currently has no business and therefore liquidation will save the operational costs and as such will not have any significant impact on the company’s business operations. Expected date for completion of liquidation is December 31, 2024, subject to the regulatory approval of host country. The Board of Directors of ONGC Videsh, at its meeting held on July 26, 2024 has accorded, in-principle, approval for the same.
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 | 308.90 |
Oil India | 627.10 |
Jindal Drilling&Inds | 664.50 |
Deep Industries | 397.65 |
Hind Oil Exploration | 246.15 |
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