ONGC Videsh Establishes a GIFT City Subsidiary

<p>The state-owned Oil and Natural Gas Corporation’s foreign investment arm, ONGC Videsh Ltd, has established OVL Overseas IFSC Ltd as a wholly-owned subsidiary in GIFT City, Gujarat.</p>
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<p>In order to support the treasury needs of OVL and its 25 subsidiaries—including step-down subsidiaries—spread over 15 countries, this GIFT city organization will serve as the global treasury center. OOIL (OVL Overseas IFSC Ltd) 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 tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets, the company said in a statement. This is because of the business-friendly regulatory environment in GIFT City.</p>
<p>Multinational corporations operating in India and abroad have the opportunity to move their foreign investments onshore thanks to GIFT City, India’s first International Financial Services Centre.</p>
<p>“OOIL will, consequently, serve as ONGC Group’s international investment and venture gateway,” it said. OVL has stakes in 32 gas and oil properties spread over 15 nations. It is India’s second-biggest petroleum firm in terms of production and reserves, behind only its parent corporation, Oil and Natural Gas Corporation (ONGC).</p>
<p>The newest financial centre in India is called Gujarat International Finance Tec-City, or GIFT City, and it is Prime Minister Narendra Modi’s showpiece project. The Ahmedabad metropolitan area is home to the development of the smart city and special economic zone. The GIFT City is home to dozens of well-known organizations, such as GIC Re, State Bank of India, HDFC Bank, National Stock Exchange, India International Exchange, and others.</p>