ONGC Board to Consider OVL Listing but IPO Ruled out for Near Future

The ONGC board will this week consider a demand from the Government to list its overseas investment arm ONGC Videsh on bourses, but an IPO of the firm is ruled out in near future as it will have to first separate assets in sanction-hit nations and take approval of lenders.

The Oil and Natural Gas Corp (ONGC) board is meeting on December 20 and 21 to consider among other things a share buyback.

The board will also be appraised of a demand from the Department of Investment and Public Asset Management (DIPAM) for the listing of OVL, sources with direct knowledge of the development said. The listing, which will involve an initial public offering (IPO) being floated, may not happen in near future for multiple reasons. OVL, sources said, has assets in countries like Venezuela, Iran, and Sudan, which are exposed to some or other western sanctions.