ONGC has enough liquidity, not to revise Imperial bid

October 17th, 2008 - 10:09 pm ICT by IANS  

New Delhi, Oct 17 (IANS) Even though crude prices are on a downward curve, the Oil and Natural Gas Corp (ONGC) has no plans to revise its $2.8 billion bid for Britain’s Imperial Energy, the company’s top official said here Friday.“No, we don’t foresee any revision in the bid,” ONGC chairman and managing director R.S. Sharma told reporters here on the sidelines of an industry conference. “We have enough liquidity to do two more such transactions.”

Describing ONGC as a “zero-debt company”, Sharma said: “We do not rely on borrowings for our investment plans. We have adequate liquidity to meet our requirements.”

ONGC’s subsidiary, ONGC Videsh Ltd, is in the process of completing the acquisition of Imperial Agency, its interest stemming from the British firm’s presence in the Russian oil sector.

Sharma also said the global economic slowdown would not have any impact on ONGC, which will continue with its plans for overseas acquisitions and is looking at around 10 opportunities.

“We have not slowed down. We in fact feel it is suitable time for stepping up the ante,” he said.

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