OVL seeks Schedule 'A' status

New Delhi, May 4 (UNI) State-run Oil and Natural Gas Corporation's overseas arm, ONGC Videsh Ltd (OVL), is seeking the Government's nod for upgrading it self from a Schedule 'B' company to top category of Schedule 'A' public sector company.

If the Government accepts the request, then OVL would be at par with public sector enterprises such as IndianOil Corporation (IOC) and ONGC, sources said.

Public enterprises have been divided into four schedules -- A to D -- on the basis of criteria such as turnover, profit, investment and capital. The elevation gives the company's board of directors more powers and better pay.

OVL's turnover was more than some of the schedule 'A' companies. Its revenue increased 36 per cent to Rs 8,171 crore during the fiscal 2006 and its net profit went up 16 per cent to Rs 901 crore in the period.

Department of Public Enterprises (DPE) categorises a company in the appropriate schedule, which determines its organisational structure at the top level.

The parameters to be adopted for this purpose are quantitative factors such as investment (paid capital), capital employed (net block and working capital), net sales, profit, number of employees, number of units, and qualitative factors such as national importance, complexities of problems, level of technology, prospects for expansion and diversification of activities and competition from other sectors.

UNI