Mumbai | 10 January 2024: Navratna company ONGC Videsh Ltd. (OVL) has incorporated a wholly owned subsidiary OVL Overseas IFSC Ltd. (OOIL) in GIFT City, Gujarat.
This GIFT city entity will function as the Global Treasury Centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. Given the business-friendly regulatory environment in GIFT City, OOIL expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 Million Metric Tonnes Oil & Oil equivalent (MMToe) by 2040 from overseas assets.
Incorporation of wholly owned subsidiary of OVL Overseas IFSC Ltd. (OOIL) in GIFT City, Gujarat. Seen inset during the inaugural. Sitting in the center on the Left Secretary Petroleum, MoPNG, Shri Pankaj Jain and on the right Chairperson IFSCA, Shri K Rajaraman , Chairman ONGC, Shri Arun Kumar Singh, Managing Director OVL, Shri Rajarshi Gupta and Director Finance OVL ,Shri Anupam Agarwal are seen during the deliberations
With India’s first International Financial Services Centre at GIFT City now operational, it will give option to Indian and overseas multinationals to shift their overseas investments onshore. OOIL will, thus, act as ONGC Group’s gateway to the world for its overseas ventures and investments.
Secretary Petroleum, MoPNG, Shri Pankaj Jain inaugurating the Global Treasury Center at GIFT City, Gandhinagar. Seen joining him on the occasion the Chairperson IFSCA, Shri K Rajaraman. MD-OVL lighting the ceremonial lamp on the occasion.
