MUMBAI/NEW DELHI (Reuters) - The government has asked its biggest state-owned firm, Oil and Natural Gas, to list its overseas unit ONGC Videsh, according to a letter seen by Reuters.
The move to float the unit - which has investments in 11 producing assets in countries including Russia, Brazil and Iran - is part of a government push to sell state-assets to raise funds.
A listing would also help unlock value in the unit by improving its corporate governance and efficiency, the letter from the Department of Investment and Public Asset Management to ONGC said.
The letter, sent last week, did not state how much of ONGC should be offered to outside investors.
(Reporting by Nidhi Verma in New Delhi and Promit Mukherjee in Mumbai; Editing by Euan Rocha and Richard Pullin)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app