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OVL seeks greater financial autonomy

 OVL seeks greater financial autonomy

ONGC Videsh (OVL) on Wednesday said it was seeking financial powers to invest up to $1 billion without government approval. Currently, the overseas arm of ONGC,can independently decide on investment of up to Rs 300 crore. An investment decision higher than this needs to be ratified by the PM-headed Cabinet Committee on Economic Affairs (CCEA). “We are seeking at least Navratna PSU status for OVL… $1 billion investment powers should be granted to us,” Narendra K Verma, managing director of OVL, said.

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