ONGC takes ICICI Bank on board

New Delhi, Apr 19: Oil and Natural Gas Corporation Ltd. (ONGC) has approved parallel banking arrangement with ICICI Bank Ltd. Till now State Bank of India (SBI) had been the sole banker of ONGC.

The parallel banking arrangement has been cleared by ONGC Board in its meeting held on 12th April, 2006, to obtain the benefits of competitive customer service from the two top banks in the country.

ONGC leads all Indian Corporates, whether in Public or Private sector, in Net Profits, Net Worth and Market Capitalisation.

While ONGC is a zero debt company, the aggressive plans for capital investments and mergers and acquisitions in India and abroad require association with equally resourceful banks.

UNI