South Africa tour of India 2019
Cash Reserve Crashed-ONGC
The Bank Balances and Reserve Cash Balance, of the Oil and Natural Gas Corporation, has taken a serious down road in the last 1.5 years. The amount had a drop down from 9,511 crores in 2017 March to 167 crores in September 2018.
The reason behind this huge fall, there may be some accusation on the implementation of the Government’s policies. Some of the policies that might have affected the balance of ONGC may be, like shell out more dividends, going in for buybacks, acquire stakes in other state-owned firms in order to meet the targets.
Whatever be the reason the fact cannot be denied that all these have badly hurt the Country’s largest Oil explorer and a public sector. The firm has been using its accruals to pay off the loans and the debts, these loan payments have also turned in half’s since September 2017 till March 2018.
However, none of the officials from the ONGC Firm responded.
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