The Planning Commission has recommended hiving off ONGC Videsh Ltd from the parent company and listing it on the exchanges. Parent ONGC is banking heavily on its subsidiary to achieve its long-term reserves targets. It would be interesting to know what happens to those targets if the Plan panel’s suggestion goes through and OVL comes under investor scrutiny. Anyway, DK Sarraf, OVL managing director, will be much in the limelight in the days ahead.
Better luck next time
The Union power ministry has got assessed the risk profiles of 39 state-owned power distribution companies. Some discom chiefs were disappointed over the low ratings assigned to their companies. Their common refrain was that progress achieved by them in recent months was not taken into account. However, they should not lose heart as fresh ratings will be issued to them next year.
