ONGC to consider listing of ONGC Videsh on domestic exchanges: Report

Move part of a government push to sell state assets to raise funds

The board of India's top explorer, Oil and Natural Gas Corp Ltd, will consider a proposal this week to list its overseas investment arm, ONGC Videsh Ltd, on domestic bourses, two sources privy to the matter said on Wednesday.   

The move to float the unit, which has investments in 11 producing assets in countries including Russia, Brazil, United Arab Emirates, Sudan and Venezuela, is part of a government push to sell state assets to raise funds.

"ONGC has a board meeting on December 20 and 21. A proposal for listing of ONGC Videsh will be discussed," one of the sources said.

Reuters had reported in August that the government has asked ONGC to list ONGC Videsh.

"We have to take up the proposal after the government asked ONGC to consider listing ONGC Videsh," the other source said. Both sources declined to be identified due to sensitivity of the issue.

No immediate response was available from ONGC.