Free Press Journal

Not right time for listing: OVL

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New Delhi: ONGC Videsh (OVL) management feels it is not the right time to list the company as a better value can be derived after its giant gas fields in Mozambique and Iran start production in 2022, a top official said on Wednesday. The government had last month asked ONGC to list its overseas investment arm OVL on stock exchanges and transfer proceeds to it in the form of a special dividend, helping meet its disinvestment target, according to a letter written by DIPAM. “We don’t think it is the right time to list as projects are in development stage,” he said.

An IPO will get the best value when these projects are monetised, he said.