ONGC shortlists merchant bankers for project review
ONGC has shortlisted Ernst & Young, KPMG, SBI Capital Markets, J.
M Morgan Stanley and IDBI for a financial and technical review of ongoing and future projects. ONGC has assigned each company to two panels.
One panel will scan projects worth between Rs250cr and Rs650cr while the other will scan projects costing over Rs650cr. Ernst & Young, KPMG and SBI Capital Markets are included on both panels.
J.M Morgan Stanley is the fourth name on the panel for projects worth between Rs250cr and Rs650cr while IDBI is the fourth name on the other panel.
The life of each panel is two years from August 2002. ONGC will select merchant bankers from both panels "at its discretion".
ONGC has set aside Rs5.8 lakh as fees for projects worth between Rs250cr and Rs650cr and Rs7.75lakh for projects above Rs650cr.