ONGC Videsh Limited, an ancillary company of the Maharatna PSU ONGC, recently received an “in-principle approval” from its Board of Directors to liquidate its stake in Tamba BV, Netherlands. ONGC Videsh announced in a regulatory filing that it affirmed the liquidation of a 27% equity stake in the associate company.
The official statement read, “It is hereby informed that the Board of Directors of ONGC Videsh Limited (OVL), a wholly-owned subsidiary of the Company, at its 494th meeting held today i.e. 26.07.2024 has accorded, in-principle, approval for the liquidation of Tamba B.V., Netherlands (an Associate Company of OVL, with 27 percent equity stake through one of its subsidiary).” The state-owned company further mentioned, “Tamba B.V. currently has no business and therefore liquidation will save the operational costs and as such will not have any significant impact on the Company’s business operations.“
Tamba BV is a Dutch company incorporated in 2006 to acquire, charter or lease equipment and sell, charter or lease these assets to facilitate the development and production of hydrocarbons in the BC10 concession in the Campos Basin area in Brazil.
