The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on Tuesday gave its approval for investment of Rs.5,000 crore by Oil and Natural Gas Company Limited (ONGC) in the equity share capital of ONGC Videsh by conversion of existing loan of equivalent amount into equity.
The approved investment will strengthen the capital base of ONGC Videsh, and will also enhance the ability of ONGC to undertake overseas Exploration and Production (E&P) business for improving the energy security of the country.