ONGC arm Imperial Energy to merge 5 subsidiaries with itself, save 2 crore per year [Video]

State-controlled Oil and Natural Gas Corporation (ONGC) on Monday (February 19) said the shareholders of its wholly-owned subsidiary Imperial Energy Ltd have approved the merger of five of its direct subsidiaries.

The subsidiaries — Imperial Energy Cyprus Ltd (IECL), Imperial Energy Nord Ltd (IENL), Redcliffe Holdings Ltd (RHL), Biancus Holding Ltd (BHL) and San Agio Investment Ltd (SAIL) — will be merged with Imperial Energy Ltd effective February 19, 2024.

This move is subject to the approval of the competent court of Cyprus.

According to ONGC, the Cyprus-based Imperial Energy maintains a total of seven direct subsidiaries: Imperial Energy Cyprus Ltd (IECL), Imperial Energy Nord Ltd (IENL), Imperial Frac Services Cyprus Ltd (IFSCL), Redcliffe Holdings Ltd (RHL), Imperial Energy Tomsk Ltd (IETL), Biancus Holding Ltd (BHL), and San Agio Investment Ltd (SAIL).

ONGC manages its overseas exploration and production of oil and natural gas business mainly through its wholly-owned subsidiary, …