ONGC buys 23% more stake in Mangalore SEZ for Rs 40.32 crore

10 Apr 2023 , 01:04 AM

ONGC has officially stated that it acquired 1,15,20,000 equity shares of MSEZ from IL&FS for a total of Rs 40.32 crore, as per the regulatory disclosure. The acquisition will be concluded within a year.

Following this procurement, ONGC’s equity stake in MSEZ will rise from 26% to 49%.

In an announcement, ONGC stated “The Board of Directors of the company, during a meeting held on April 8, 2023, approved the acquisition of 1,15,20,000 equity shares of MSEZ from IL&FS for a total of Rs 40.32 Crore. Upon completion of the procurement, ONGC’s equity stake in MSEZ will escalate from 26% to 49%.”

Mangalore SEZ Ltd was formed as a collaboration between ONGC, IL&FS, Karnataka Industrial Area Development Board, and various other organizations, with the purpose of creating a special-purpose vehicle.

ONGC has additionally disclosed the appointment of Sushma Rawat, the director in charge of exploration, as significant managerial personnel of the company.

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