Premium
This is an archive article published on November 9, 2009

Mittal,ONGC decide to wind up trading arm OMSEL

Lakshmi N. Mittal and the ONGC have decided to wind up a firm they had set up 4 years ago.

google-preferred-btn

Steel tycoon Lakshmi N. Mittal and the Oil and Natural Gas Corporation have decided to wind up a firm they had set up four years ago for trading in oil and gas as the joint venture has failed to take off,allegedly due to lack of interest from the state-run firm.

ONGC and Mittal had in July 2005 come together to form two joint ventures – ONGC Mittal Energy Ltd (OMEL) and ONGC Mittal Energy Services Ltd (OMESL). While OMEL picked up a handful of exploration blocks,OMESL,set up for trading and shipping of hydrocarbons,existed only on paper.

OMESL,which had barely any employee on its role since S K Sharma quit as the CEO in September 2008,will be first converted into a 100 per cent subsidiary of OMEL and then merged with it,sources said.

Story continues below this ad

A top official at the joint venture,who wished not to be identified,confirmed the decision.

Sources said Mittal had never been happy with the progress at OMESL. Apparently,ONGC,after the exit of its flamboyant Chairman and Managing Director Subir Raha,was not keen on trading and shipping of oil and gas (including LNG).

The state-run upstream firm had not even contributed its share of capital and the company survived only on Mittal’s contribution.

In both OMEL and OMESL,ONGC held 49.98 per cent stake while the Mittal-owned Mittal Investment Sarl had 48.02 per cent. The remaining two per cent was with financial institutions.

Latest Comment
Post Comment
Read Comments
Advertisement
Express shorts
Fake embassy Ambassador Harshvardhan Jain
EXCLUSIVE: How fake ‘Ambassador of Westartica’ conned businessmen of lakhs
Cities49 min ago

Posing as the Ambassador of Westarctica and other micronations, Harshvardhan Jain had allegedly promised businessmen that he would make them the counsellors of these micronations besides facilitating their business deals in European countries, the police probe into the conman has revealed.

View all shorts
Live Blog
PHOTOS
In pics: From concept supercars to electronic SUV's: Bharat Mobility Global Expo 2025 was all about innovation
In Pics: From Concept Supercars to Electric SUVs – Innovation at Bharat Mobility Global Expo 2025
Top Stories
Justice Surya Kant and CJI BR Gavai
Chief Justice BR Gavai recommends Justice Surya Kant as his successor
Shreyas Iyer suffered a nasty fall while completing a catch in Sydney last Sunday. (AP)
SportsShreyas Iyer admitted to ICU in Sydney hospital due to internal bleeding after nasty rib injury in 3rd ODI
Hrithik Roshan and Sanjay Dutt in a still from Vidhu Vinod Chopra's Mission Kashmir
EntertainmentMission Kashmir: Hrithik Roshan was paid Rs 11 lakh while Bhumbro was shot for Rs 1 cr; Vidhu Vinod Chopra would have lost his home if film flopped
Thamma box office collection day 6: Ayushmann Khurrana's film earns Rs 50 crore more than Harshvardhan Rane's Ek Deewane Ki Deewaniyat.
EntertainmentThamma box office collection day 6: Ayushmann Khurrana's film eyes Rs 100 cr club
Tyler Oliveira later shared a screenshot claiming, “My videos capturing India’s poop-throwing festivals are already getting mass reported" (Image source: @BRICSinfo/X)
TrendingUS YouTuber Tyler Oliveira triggers backlash after filming cow dung-flinging ritual in Indian village: who is he?
Lazar Jankovic lived in Bengaluru for six years before moving to Delhi (Image source: @IndianGems_/Instagram)
TrendingSerbian man on cleanup mission spots BMW car dumped among trash in Amritsar, video sparks criticism: 'disgrace for luxury cars'
Rohit, at 38 and with 11,168 runs before boarding the flight to Australia was a certified 50-over colossus. (AP Photo)
SportsFor Rohit Sharma, every game is like playing his first match and last match at the same time
Shreyas Iyer suffered a nasty fall while completing a catch in Sydney last Sunday. (AP)
SportsShreyas Iyer admitted to ICU in Sydney hospital due to internal bleeding after nasty rib injury in 3rd ODI
As nutrition is the central concern of regenerative agriculture, India must prioritise nutritional security by enhancing domestic production of pulses and oilseeds—crops that require fewer inputs and naturally fix nitrogen in the soil. To address this, the government has launched the Rs 11,440 crore ‘Mission for Aatmanirbharta in Pulses’ (2025–26 to 2030–31) — it aims to scale up domestic pulse production to 350 lakh tonnes. (C R Sasikumar)
OpinionMake the farm atmanirbhar
Montha: Indian Coast Guard personnel reach out to fishermen at sea, asking them to return to the shores amid possibility of a cyclone developing over southeast Bay of Bengal.
ExplainedCyclone Montha likely to hit east coast: How do tropical storms occur, and who names them?
arowana fish
LifestyleCosting over a whopping 3 crores, the most expensive aquarium fish is...
Pune
TechnologyPerplexity’s Aravind Srinivas says YouTube, Google Maps are hardest to beat: Here’s why
Advertisement
Must Read
SportsFor Rohit Sharma, every game is like playing his first match and last match at the same time
Rohit, at 38 and with 11,168 runs before boarding the flight to Australia was a certified 50-over colossus. (AP Photo)
SportsShreyas Iyer admitted to ICU in Sydney hospital due to internal bleeding after nasty rib injury in 3rd ODI
Shreyas Iyer suffered a nasty fall while completing a catch in Sydney last Sunday. (AP)
SportsVinicius Jr's Real Rumble: The tempest straddling ginormous talent and tantrums; also manager Alonso's first of troubles
It was a night that saw the best and worst of Vinicius, a one-man allegory of the El Clasico itself, which fluctuated between brilliance and madness, genius and the clumsy. (AP)
TechnologyPerplexity’s Aravind Srinivas says YouTube, Google Maps are hardest to beat: Here’s why
Pune
TechnologyMeta’s chief AI scientist warns that humanoid robot startups are in a bubble
Yann LeCun is the chief AI scientist at Meta.
TechnologyI tried Oral-B’s iO Series 9 premium AI toothbrush: Here’s how it helped me build better brushing habits
Oral-B iO Series 9
LifestyleCosting over a whopping 3 crores, the most expensive aquarium fish is...
arowana fish
Advertisement
Buzzing Now
TrendingUS YouTuber Tyler Oliveira triggers backlash after filming cow dung-flinging ritual in Indian village: who is he?
Tyler Oliveira later shared a screenshot claiming, “My videos capturing India’s poop-throwing festivals are already getting mass reported" (Image source: @BRICSinfo/X)
TrendingSerbian man on cleanup mission spots BMW car dumped among trash in Amritsar, video sparks criticism: 'disgrace for luxury cars'
Lazar Jankovic lived in Bengaluru for six years before moving to Delhi (Image source: @IndianGems_/Instagram)
TrendingCockroach found in Air India's Dubai-bound flight 'hanged till death', says flight's cabin defect logbook: 'Khallas'
After addressing the issue, the engineer noted in the official record that the “cockroach hanged until death,” confirming that the “defect” had been resolved (Representative image/Unsplash)
Trending‘Aryan Khan, you’ve delivered a masterpiece’: Shashi Tharoor hails Netflix’s 'The Ba***ds of Bollywood', calls Shah Rukh Khan a ‘proud’ father
Praising Aryan as a “true storytelling powerhouse,” Shashi Tharoor applauded the young filmmaker’s ability to balance humour, social commentary, and emotional resonance with remarkable ease (Image source: @___aryan___/Instagram)
Trending‘They are targeting only Indians’: Swiss hotel’s old notice for Indians to avoid taking buffet food in purses resurfaces, triggers global outrage
Please do not take anything with you, the food is for breakfast only. If you would like a lunch bag, you can order it from the service staff and pay for it,” the notice strictly mentioned (Representative image/Unsplash)
Oct 27: Latest News
Advertisement