ONGC lay to rest speculation over differences with L N Mittal Grou

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Chennai, Oct 13 (UNI) ONGC Chairman and Managing Director R S Sharma has laid to rest speculation about differences with L N Mittal Group and said the joint venture(JV) partnership between the two companies was very much vibrant.

''I had a discussion with Mr Mittal two to three months back. We are in constant dialogue. The JV partnership is very much vibrant.

There is no misunderstanding, he told mediapersons last night.

Mr Sharma said some elements were trying to derail the partnership to create a negative impact. ''We remain totally committed to the business philosphy plans of both the companies,'' he added.

The two joint ventures with L N Mittal group -- OVL Mittal Energy Ltd (OMEL) and ONGC Mittal Energy Services Ltd (OMESL) -- have drawn up an aggressive plans of acquisition and execution of overseas projects in Syria and Nigeria.

While OMEL was entrusted with the acquisition of properties, the development of oil an gas blocks and their trading was with OMESL.

''We are a cash rich firm with strong fundamentals and there is no fund raising programmes,'' he said.

UNI

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