ONGC Videsh incorporates wholly owned subsidiary in GIFT City

BILKULONLINE

Gandhinagar, Jan 10: Navratna company ONGC Videsh Ltd. (OVL) has incorporated a wholly owned subsidiary OVL Overseas IFSC Ltd. (OOIL) in GIFT City, Gujarat.

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 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 Metric Tonnes Oil & Oil equivalent (MMToe) by 2040 from overseas assets.

With India’s first International Financial Services Centre at GIFT City now operational, it will give option 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.