“The Cabinet Committee on Economic
Affairs has given its approval for investment of Rs.5,000crore by Oil
and Natural Gas Company Limited (ONGC) into the equity share capital of
ONGC Videsh by conversion of existing loan of equivalent amount into
equity,” a cabinet communique said.
The approved investment will strengthen the capital base of ONGC Videsh, the statement said.
“It will enhance the ability of ONGC to
undertake overseas exploration and production business, thereby
improving the energy security of the country,” it added.
