ONGC takes leaf out of Reliance’s book, floats subsidiary to buy own gas
NEW DELHI: Taking a leaf out of Reliance Industries Ltd’s playbook, state-owned Oil and Natural Gas Corporation (ONGC NSE 0.72 %) is forming a new subsidiary for gas business that could be used to bid and buy gas from the firm’s own fields.
The board of ONGC at its meeting on February 13 approved creation of a new wholly-owned subsidiary company for gas and liquefied natural gas (LNG) business value chain subject to necessary approvals, according to the firm’s third quarter earnings announcement.
