CAG raises questions on KG asset valuation
DNMUM408486 | 2/24/2018 | Author : Sumit Khanna | WC :218
Ahmedabad: The Comptroller and Auditor General of India (CAG) has raised question marks on valuation of Gujarat State Petroleum Corporation’s (GSPC’s) assets in KG Block which were sold to ONGC last year, saying the Gujarat government-owned company did not provide documents related to the process to fix the valuation to it. GSPC, however, refuted the claim, and said it had provided all documents sought by the watchdog.
After spending more than Rs 23,000 crore for gas exploration and development work, GSPC offloaded its entire 80% stake in Deen Dayal West gas field and other discoveries in KG block to ONGC for Rs 7,738 crore last year. The deal came as a lifesaver for GSPC, whose debts had touched sky-rocketed to over Rs 24,000 crore.
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