Oil and Natural Gas Corp (ONGC), India’s top oil and gas producer, has toppledIndian Oil Corp (IOC) to
regain the crown of being the country’s
most profitable public sector company.
Oil and Natural Gas Corp (ONGC) reported a 34%
jump in its 2018- 19 fiscal net profit to Rs.26,716
crore.
Whereas, IOC registered a net profit of Rs.17.274 crore
for the fiscal year ended March 31, 2019.
ONGC, in the previous two financial years, had
lost the most profitable PSU tag to IOC. With its refining margins under
pressure due to falling oil prices, IOC had also lost the title of being
India’s largest company by turnover tag to billionaire Mukesh Ambani-led
Reliance Industries in FY19.
Reliance has been India’s most profitable
company for the fourth year in a row.
Oil
and Natural Gas Corporation (ONGC):
Founded
on: 14 August 1956
Headquarters: New Delhi, India
Chairman
& MD: Shashi Shankar
Owner: Government Of India
ONGC is an Indian multinational oil and gas
company.
It is a Public Sector Undertaking (PSU) under
the administrative control of the Ministry of Petroleum and Natural Gas.
It produces around 70% of India’s crude oil and
around 62% of natural gas.
