PRICE WATERHOUSE EMPLOYED BY IOC AND ONGC

Vol 3, PW 5 (31 Mar 99) News in Brief
     

Consultants Price Waterhouse (PW) have been employed by ONGC and IOC to look into ways in which the two companies can better streamline their operations.

The move comes amid growing pressure from the Indian government for IOC and ONGC to merge into an integrated oil company, most recently illustrated in a widely criticised equity cross-holding directive, which orders the two companies to buy a 10% stake in each others equity. The move has resulted in sharp falls for ONGC and IOC shares on the Bombay Stock Exchange.