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Saturday, March 5, 2011

ONGC FPO to open in next financial year

Oil & Natural Gas Corporation (ONGC) is coming up with an FPO, which has been postponed to next financial year from its earlier scheduled date.

The FPO proceeds will form a part of the divestment target of Rs.40,000 crore for Financial Year 2011-12, the expectation from the FPO being Rs.10,800 crore

ONGC is involved in exploring for and exploiting hydrocarbons in sedimentary basins of India. It owns and operates more than 11,000 kilometres of pipelines in India. ONGC contributes significantly to India's crude oil production and natural gas production
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