ONGC needs capex funds, seeks exemption from govt's share buyback request

The Oil and Natural Gas Corp Ltd (ONGC) has sought an exemption from a government request to buyback government-held shares in the company as ONGC needs the funds for its own capital expenditures, Chairman Shashi Shanker said on Wednesday.
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This follows local news reports which said the government wants the ONGC to buy back a portion of its 67.45 per cent stake in the company to meet its divestment target.