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The Empowered Group of Ministers (EGoM) has approved divestment of 5 per cent stake in ONGC to raise about Rs 12,000 crore.
The process will be completed befor this fiscal, Mr Sudhir Vasudeva, Chairman and Managing Director of ONGC, told newspersons here today.
The proceeds from the divestment will go to the Government and the public sector major will not gain anything from the process, he said. Mr Vasudeva is here in connection with the meeting of the Society for Petroleum Geophysicists beginning tomorrow.
Post divestment, the Government stake will come down to 61 per cent from 74.1 per cent now.
Mr Vasudeva said ONGC will take up works in the Krishna-Godavari basin and sees good output by first quarter of 2013. Some production has already started.
The capex for the next fiscal will be around Rs 33,065 crore. During the 12th Plan period, ONGC will have Rs 1.64 lakh crore , up from Rs 75,000 crore estimated for the previous Plan.The company is open to acquisitions abroad, he added.
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