ONGC Videsh board may consider listing of company at next meeting

New Delhi: The board of ONGC Videsh will likely consider a proposal to float its shares at its next meeting in November following a nudge from the government to do so, people familiar with the matter said.

The government has been pushing ONGCNSE -0.73 % Videsh, the fully-owned unit of the state-run Oil and Natural Gas Corp, to go public as it believes it would help raise resources for further investment, reduce leverage, and boost transparency. ONGC executives have resisted listing, citing wrong timing, and have argued that a rush job will end up undervaluing the company.