New Delhi (05.07.2021): To promote local ventures and support the ‘AatmaNirbhar Bharat’ initiative of the government, Oil and Natural Gas Corporation Ltd (ONGC) has plans to spend Rs 30,000 crore in the ongoing financial year. The firm said, “ONGC estimates to spend Rs 15,500 crore on major turnkey projects, Rs 13,600 crore on major services, and Rs 2,250 crore on major material procurement in 2021-22.” This is an attempt to give a further push to AtmaNirbhar Bharat initiative of the Prime Minister. “The move for promoting local ventures is a key driver in this reform exercise by ONGC, whose average annual purchases are in excess of ₹30,000 crores,” says the statement made by ONGC. It organized an online meeting with around 300 business partners to take the initiative further. “ONGC is adopting technology-enabled processes that can improve transparency, and minimize human intervention while keeping the human touch alive,” ONGC CMD Subhash Kumar said in the meeting. ONGC shared details with its partners on various initiatives like the introduction of a new development order policy, the introduction of an online Vendor Invoice Management System, encouragement of start-ups, as well as stepping up its efforts to encourage indigenous business partners. The oil major’s business partners pitched their suggestions for relaxing certain bid evaluation criteria, such as the financial criteria of contracted partners, the experience of group companies to be considered for qualification, certification criteria of vessels, and realistic completion schedules for turnkey projects.
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ONGC to spend Rs 30,000 crore on various projects
By IndianMandarins - 2021-07-05 11:09:00
New Delhi (05.07.2021): To promote local ventures and support the ‘AatmaNirbhar Bharat’ initiative of the government, Oil and Natural Gas Corporation Ltd (ONGC) has plans to spend Rs 30,000 crore in the ongoing financial year.
The firm said, “ONGC estimates to spend Rs 15,500 crore on major turnkey projects, Rs 13,600 crore on major services, and Rs 2,250 crore on major material procurement in 2021-22.”
This is an attempt to give a further push to AtmaNirbhar Bharat initiative of the Prime Minister. “The move for promoting local ventures is a key driver in this reform exercise by ONGC, whose average annual purchases are in excess of ₹30,000 crores,” says the statement made by ONGC.
It organized an online meeting with around 300 business partners to take the initiative further. “ONGC is adopting technology-enabled processes that can improve transparency, and minimize human intervention while keeping the human touch alive,” ONGC CMD Subhash Kumar said in the meeting.
ONGC shared details with its partners on various initiatives like the introduction of a new development order policy, the introduction of an online Vendor Invoice Management System, encouragement of start-ups, as well as stepping up its efforts to encourage indigenous business partners.
The oil major’s business partners pitched their suggestions for relaxing certain bid evaluation criteria, such as the financial criteria of contracted partners, the experience of group companies to be considered for qualification, certification criteria of vessels, and realistic completion schedules for turnkey projects.
