New Delhi, Nov 26: On Wednesday, Nov 26 ONGC Chairman and Managing Director R S Sharma said the deal relating to the acquisition of the UK-listed Imperial Energy Plc by ONGC Videsh Ltd (OVL) was on track, but added that several regulatory clearances were still required.
''It is not a matter of concern, the deal is on track,'' Mr Sharma told a questioner at the Economic Editors' Conference here. The ONGC Chief said he was not in a position to give any further details as Imperial was a listed company and thus his remarks would be of a sensitive nature for the market. Mr Sharma, however, said several regulatory approvals were necessary.
He had indicated on Tuesday, Nov 25 that the deal has to be closed by June next year.
Imperial Energy has substantial reserves in Siberia.
OVL, the overseas arm of ONGC, has time till December 9 to make an offer to acquire all outstanding shares of Imperial. The offer will remain open for 28 days.
The deal got a shot in the arm with Russian Energy Minister Sergey Shmatko, saying ''Our approach towards this deal is quite liberal and if the Indian company would like to acquire Imperial Energy, we are not going to put forward any demands.''