By ONGC Videsh Ltd, the overseas investment arm of India’s state-owned Oil and Natural Gas Corporation, has formed a wholly-owned subsidiary named OVL Overseas IFSC Ltd in GIFT City, Gujarat. This entity in GIFT City will serve as the global treasury center, managing treasury operations for OVL and its 25 subsidiaries across 15 countries.
Treasury Operations Expansion
The establishment of OVL Overseas IFSC Ltd in GIFT City is aimed at consolidating funds from various countries and facilitating additional fund-raising activities. This move is crucial as OVL aims to achieve a target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from its overseas assets.
Business-Friendly Environment
Owing to the conducive regulatory environment in GIFT City, OOIL expects to efficiently manage the financial resources of the ONGC Group. The International Financial Services Centre at GIFT City offers Indian and overseas companies the opportunity to relocate their overseas investments onshore, providing a conducive platform for financial activities.
Gateway to Global Ventures
OOIL is poised to serve as the gateway for ONGC Group’s overseas ventures and investments. With interests in 32 oil and gas assets spanning across 15 countries, OVL ranks as India’s second-largest petroleum company in terms of reserves and production, second only to its parent company, ONGC.
About GIFT City
Gujarat International Finance Tec-City (GIFT City) stands as India’s emerging financial hub, representing a flagship project under the leadership of Prime Minister Narendra Modi. Developed in the Ahmedabad metropolitan region, GIFT City is a smart city and special economic zone attracting numerous companies and institutions, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re, and others.
