India's ONGC Marks Impressive Year

India's Oil and Natural Gas Corporation (ONGC) crossed the $ 10 billion-mark in turnover in 2003-04 on the back of six oil and gas discoveries and a turnaround of its subsidiary Mangalore Refinery and Petrochemicals.

As a group, ONGC's market capitalisation exceeded $ 28 billion. The company's overseas arm ONGC Videsh acquired 49 per cent stake in two exploration blocks in Libya, and 60 per cent interest in one exploration block in Syria.