Government Wants to Convert Into Equity ONGC's Loan to Unit: Report

New Delhi: The government is planning to convert into equity a Rs 5,000 crore loan extended by state-run Oil and Natural Gas Corp (ONGC) to its overseas investment arm, sources said, to improve the unit's finances ahead of a possible public offering. The Cabinet will soon consider the deal which would also require raising the authorised capital of the subsidiary ONGC Videsh (OVL) by half to Rs 15,000 crore, said three sources aware ...