The government is keen to list ONGC Videsh — the overseas arm of ONGC — and transfer the proceeds of the listing as a special dividend, enabling it to meet the divestment target set for the current fiscal.
The department of investment and public asset management (Dipam) has written to the oil ministry on listing OVL.
The officials of the finance and oil ministries would meet later this month and would seek the opinion of the state-owned exploration firm.
Besides special dividend, the government is looking at just listing OVL without a share sale. OVL would then have a shareholding pattern that would mirror that of ONGC, giving the government an opportunity to directly sell some stake in OVL.
