ONGC To Spend Rs 30000 Cr On Procurement to Boost Local Ventures

The Oil and Natural Gas Corporation Ltd (ONGC) has committed to procurement worth over Rs 30,000 crore in a bid to promote local ventures and support the government's mission of 'Atmanirbhar Bharat'.

In this process, the state-run energy major is taking steps to enhance transparency and streamlined contracting practices, which would enable the promotion of a business-friendly environment for ONGC's business partners.

"ONGC estimates to spend Rs 15,500 crore on major LSTK (lumpsum turnkey) projects, Rs 13,600 crore on major services, and Rs 2,250 crore on major material procurement, in FY 2021-22," a company statement said.

To promote its renewed push to ease contracted business practices, ONGC organised an online business partners' meet, titled 'Building Bridges in ONGC's Supply Chain: Aatmanirbhar Bharat: Prosperous India', on Saturday.

At the meet, ONGC CMD Subhash Kumar said: "ONGC values the contribution of its Business Partners. To further improve collaboration and for a sustained stakeholder engagement, we need to have continuous dialogue, which would enable sharing of ideas that can truly improve business operations."

He said that the ONGC is adopting technology-enabled processes that can improve transparency, and minimise human intervention, "while keeping the human touch alive".