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ONGC needs capex funds, seeks exemption from govt's share buyback request

ONGC needs the funds for its own capital expenditures

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A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad (Photo: Reuters)

Reuters

Last Updated : Sep 26 2018 | 12:14 PM IST

The Oil and Natural Gas Corp Ltd (ONGC) has sought an exemption from a government request to buyback government-held shares in the company as ONGC needs the funds for its own capital expenditures, Chairman Shashi Shanker said on Wednesday.

This follows local news reports which said the government wants the ONGC to buy back a portion of its 67.45 per cent stake in the company to meet its divestment target.