ONGC Videsh Incorporates Subsidiary In GIFT City
It will act as ONGC Group's gateway to make overseas ventures and investments.
ONGC Videsh—a subsidiary and overseas arm of Oil and Natural Gas Corp.—has incorporated the wholly owned subsidiary OVL Overseas IFSC Ltd. in GIFT City, Gujarat.
OVL Overseas IFSC will function as the Global Treasury Centre to cater to the activities of ONGC Videsh and its 25 subsidiaries, spread across 15 countries, according to a press release issued on Wednesday.
It will act as ONGC Group's gateway to make overseas ventures and investments as India's first International Financial Services Centre at GIFT City is now operational, the statement said.
With the help of the "business-friendly regulatory environment" in GIFT City, OVL Overseas IFSC expects to consolidate funds available with the ONGC Group in various countries. It will also raise additional funds needed to achieve ONGC's target of producing 40 million metric tonne of oil and oil equivalent by 2040 from overseas assets, it said.
