ONGC increases stake in Mangalore SEZ to 49%

The company in its regulatory filing said it has acquired 1,1520,000 equity shares of Mangalore SEZ Ltd( MSEZ) from IL&FS at total consideration of ₹40.32 crore, said ONGC in its regulatory filing .  The acquisition will be completed in one year.

After this acquisition, equity stake of Oil and Natural Gas Corporation (ONGC) shall increase from 26 per cent to 49 per cent in MSEZ.

“it is hereby informed that the Board of Directors of the Company at its meeting held today i.e. 08.04.2023 has approved acquisition of 1,15,20,000 equity shares of Mangalore SEZ Ltd( MSEZ) from IL&FS at total consideration of Rs. 40.32 Crore. After this acquisition, equity stake of the Company shall increase from 26 percent to 49 percent , in MSEZ,” said ONGC.

Mangalore SEZ Ltd is a special purpose vehicle. It is a joint venture between ONGC, IL&FS, Karnataka Industrial Area Development Board, and others.

ONGC also informed has also appointed Sushma Rawat, the director for exploration, as a key managerial personnel of the firm.

NGC earned a standalone net profit of ₹11,044.73 crore in the third quarter of FY23, rising by around 26% from a profit of ₹8,763.72 crore a year ago same period. The government-owned firm recorded a decline in the production of crude oil and gas. 

However, ONGC’s PAT dropped by 13.88% as against the profit of ₹12,825.99 crore seen in the September 2022 quarter.

Standalone revenue from operations came in at ₹38,583.29 crore in Q3FY23, up by 35.51% from ₹28,472.91 crore in the same quarter last year. Sequentially, the revenue edged up by 0.7% from ₹38,320.76 crore in Q2FY23.

On Thursday, the company’s scrip ended 1.47 per cent down at ₹150.65 on BSE.