The Cabinet Committee on Economic Affairs (CCEA) at its meeting Chaired by Prime Minister authorised ONGC Videsh Limited (OVL) — overseas investment arm of ONGC--- make an investment of $149.46 million in the project already it has in Vietnam.
This investment will be made from revenue proceeds of the project without any funding from the government.
In the event of cost overrun above the said amount, OVL would bring a fresh proposal to the Empowered Committee of Secretaries.
Published 01 October 2009, 16:42 IST