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CORPORATE: 'No proposal for hiking OVL's investment limit now'.
from BUSINESS LINE, October 29, 2008 New Delhi, Oct. 28 - While ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, is seeking more powers for its board to take investment decisions and increasing the current investment limit of $75 million or Rs 300 crore (whichever is less), it may have to wait before the Petroleum Ministry can consider the request.
According to sources, OVL was looking for Government support for authorising its board to approve projects up to Rs 1,000 crore, at par with Navratna public sector undertakings initially. Subsequently, the company wanted the amount to be raised to Rs 2,000 crore according to recommendations of the Krishnamurthy …
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