Latin American expansion and share offer only the beginning...
India's Oil & Natural Gas Corporation Ltd (ONGC), through its wholly-owned subsidiary ONGC Videsh Ltd, is searching for exploration opportunities in Latin America.
The company, which has seen major growth in recent years, is searching for exploration contracts in Chile, Cuba, and Venezuela.
Mr Gautam Sen, Executive Director and Head of ONGC's Institute of Management Development, announced these plans during a press conference in connection with the offer for sale of 142,593,300 shares equity with face value of Rs 10 each.
ONGC Videsh already has a presence in eight foreign countries, including Libya, Sudan, Syria, Iraq, Iran, Myanmar, Vietnam and Russia.
According to Sen, ONGC Videsh has become a profitable company and sustained profitability was expected in the years ahead. The bid offer for the shares that are up for sale shall open on March 5th and close on March 13th. The price band for the offer will be announced on March 4th.
