Have sufficient funds to meet current and future capex needs, says ONGC

The State-owned ONGC on Tuesday said it continues to have strong financial position and sufficient funds to meet current and future capex needs, as it sought to allay concerns over its finances after successive acquisitions and government demands drained out its surplus.

From a zero-debt company, Oil and Natural Gas Corp (ONGC) had to resort to borrowings in the past couple of years after the government asked it to acquire state-owned refiner Hindustan Petroleum Corp Ltd (HPCL), pay record dividend and buy back shares.

Reacting to reports on the company's ability to meet its capital requirements, ONGC in a statement said,"it has