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Corporate | ONGC seeks $2.9 bn refund in royalty

Corporate | ONGC seeks $2.9 bn refund in royalty
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First Published: Tue, May 26 2009. 09 43 PM IST
Updated: Tue, May 26 2009. 09 43 PM IST
New Delhi: Oil and Natural Gas Corp. Ltd (ONGC), India’s biggest energy explorer, has asked the Union government to reimburse $2.9 billion (around Rs13,800 crore) in royalty to be paid over 20 years from an oil field operated by partner Cairn India Ltd.
“We have sought the reimbursement over the life of the field,” D.K. Sarraf, ONGC’s director of finance, said over the phone from New Delhi on Tuesday. The government has not yet responded.
The oil field in Rajasthan, operated by the Indian unit of the UK’s Cairn Energy Plc., may start production as early as this week. ONGC wants payments exceeding its 30% share in the field to be reimbursed, chairman and managing director R.S. Sharma said on 21 May.
--Bloomberg
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Bata looks to tap Armed Forces for business
Kolkata:Bata India Ltd, the country’s biggest manufacturer and retailer of footwear in the organized sector, is looking to tap the security agencies and the Armed Forces to boost sales, according to P.M. Sinha, the company’s chairman.
There are around three million defence and paramilitary personnel in the country, who are given four pairs of shoes on an average every year, Sinha said, speaking to reporters after the company’s annual general meeting in Kolkata on Tuesday. “Currently, the security agencies and the armed forces mostly buy shoes from the unorganized sector, from places such as Agra. We should be able to offer them much better quality shoes.”
Bata has written to the Indian Army, the Indian Air Force and the Indian Navy, requesting them to consider Bata as the preferred provider of speciality shoes.
--AVEEK DATTA
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First Published: Tue, May 26 2009. 09 43 PM IST
More Topics: ONGC | Oil | Cairn India | Rajasthan | Bata |