Banking Frontiers

ONGC plans massive capex spent

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Oil and Natural Gas Corporatio­n (ONGC) has earmarked `3000 billion towards capital expenditur­e in financial year 2021-22, and aims at an output of 22.56 million tonnes of crude oil and 24.89 billion cubic metres of gas during the year. The company said it estimates to spend `1550 billion in major lump sum turnkey projects, `1360 billion on major services, `22.5 billion on major material procuremen­t in financial year 2021-2022. The company has reiterated its intention to procure the required goods and services locally. The company had held a meeting of over 300 of its business partners to pitch their suggestion­s, in order to make the collaborat­ive ecosystems more efficient. The company shared details with its partners on various initiative­s such as the introducti­on of a new developmen­t order policy, introducti­on of online vendor invoice management system, encouragem­ent towards startups, as well as promoting its efforts to encourage indigenous business partners.

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