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New Delhi: Oil & Natural Gas Corporation’s (ONGC) overseas subsidiary, ONGC Videsh Limited (OVL), has received an “in-principle approval” from its Board of Directors to liquidate its stake in Tamba BV, Netherlands. At a meeting held on July 26, the company’s Board okayed the liquidation of 27 percent equity stake in the associate company, said ONGC Videsh in a regulatory filing to the stock exchanges.
“… 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),” said the regulatory filing.
“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,” ONGC told the bourses. Tamba BV is an associate company of OVL and it holds 27 percent equity stake through one of its subsidiary. IN FY2023-24, Tamba BV reported a loss of Rs 9,031,464. Its net worth is Rs 20,594,108. “Expected date for completion of liquidation: by 31st December, 2024, subject to the regulatory approval of host country,” said the regulatory filing.
ONGC Videsh which holds 27 percent shareholding in Tamba BV, which is a Dutch company incorporated in 2006, and based in Hague, Netherlands, through its subsidiary ONGBV. Other shareholders of Tamba BV include Shell (50 percent) and QP (23 percent). The business of Tamba BV is 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.
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