The Hindu Business Line : ONGC plans to hike paid-up equity in Videsh

OIL and Natural Gas Corporation (ONGC) has made a proposal to the Government for increasing the paid-up equity capital of ONGC Videsh from Rs 300 crore to Rs 500 crore.

ONGC Videsh is a subsidiary of ONGC that invests in oil ventures abroad.

"The paid-up equity of ONGC Videsh is quite low compared to the debt in its balance sheet. The issue of debt-equity ratio sometimes comes in the way of smooth conduct of our business abroad. We have also proposed that the authorised capital of ONGC Videsh be raised to Rs 5,000 crore, " Mr Subir Raha, Chairman and Managing Director, ONGC, told newspersons at the sidelines of the launch of the `Super Unnati Prayas' programme for ONGC employees.

As part of this programme, ONGC will send its mid-career executives to the Indian Institute of Foreign Trade (IIFT) for an 18-month residential MBA programme.

The programme conducted by IIFT for ONGC employees would have special focus on trade and international business.

For the first batch, twenty executives have been selected from about 340 applications received from ONGC employees.

Mr Raha said that ONGC would spend about Rs 25 crore a year for training its executives on management and engineering-related programmes.

The company will also soon enter into a tie-up with Management Development Institute for offering a general management programme to its mid-career executives.

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