ONGC to invest Rs 990 crore to set up research centre

Dehra Dun, Aug 14 (UNI) Oil and Natural Gas Corportation Ltd (ONGC) today said it will invest Rs 990 crore to establish a research centre here to look for alternative sources of energy.

In a formal talk to the mediapersons, company's Chief Managing Director R S sharma said ''With estimated cost of Rs 490 crores for building constructions and furnishings and Rs 500 crore in aggregate for research and development work, the proposed centre would carry out research in alternative sources of energy like solar energy and hydrogen fuel. It would also work on energy saving devices''.

He added that the Ground Plus 5 story building with two level basement would be the largest Green Building in the country facilitated in a way so as to save the energy, least consumption of water, maximum use of natural light and minimum use of electric power.

Mr Sharma said that Strategy meeting would be held on August 25-26 at Agra where the theme ''ONGC-2020'' would be discussed.

''Discussion will be held on what ONGC would like to see itself in the year 2020,'' he said. He hoped that by 2012 the oil and gas would surplus by 92 million tonnes.

He disclosed that a coroporate office building's foundation stone would be laid by Prime Minister (PM) Manmohan Singh in the presence of UPA Chairperson Sonia Gandhi here on August 20 which is also the birth anniversary of former PM Rajiv Gandhi.

''The building will be named Rajiv Gandhi Urja Bhavan in his memory,'' he said.

Flaying controversy that ONGC was shifting its headquarters to New Delhi, Mr Sharma said that it was a propaganda by some other institutions.

He maintained that only 12 of its units including procurement department was being shifted to New Delhi.

He stressed that core function would still be carried out from Dehradun.

Disclosing the reasons behind shifting few of its departments, he said that it would help in global functioning which was otherwise difficult from Dehradun.

Shifting has become necessary for wider corporate functioning with increase in ONGC's activities, he maintained.

He said that there was 2,700 employees in Dehradun and ONGC had its roots in Dehradun with sentimental attachment to it.

''The intention of the corporation could be well defined by its plan to open its research centre and founding Urja Bahavan here,'' he said.

UNI