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ONGC supports ONGC Videsh for spending allowance hike


The State owned Oil and Natural Gas Corporation (ONGC) said that it supports its overseas investment arm’s move of seeking increase in the spending allowance and it sees more opportunities of acquisition in abroad. At present, ONGC Videsh Ltd is 100% owned by the ONGC.

The Chairman and Managing Director of ONGC, D K Sarraf said that “We support ONGC Videsh move to seek increase in spending allowance, which should be more than USD 1 billion, We see there are lot of opportunities for acquisitions.”

As a corporate philosophy, we like ONGC Videsh to raise funds through debts, he added.

“We are spending around Rs 500 crore towards CSR activities. We have already started initiative of government’s Swatch Bharat Abhiyan,” he said.

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