ONGC pays Rs2,961-crore interim dividend to government

State-run Oil and Natural Gas Corporation (ONGC) has paid an interim dividend of Rs2,961 crore to the government for the financial year 2012-13, despite its subsidy-sharing woes and falling output.

ONGC chairman and managing director Sudhir Vasudev presented a cheque of Rs2,961 to petroleum minister M Veerappa Moily today.

This represents dividend payment at 100 per cent of the equity capital held by the government in ONGC, a Navratna public sector undertaking.

The ONGC chief also briefed the minister about various activities of the company, who in turn emphasised the need for quick decision-making to expedite resolution of the issues.

ONGC, one of the largest profit-making listed companies in India and among the top three in market capitalisation, has, however, been hit by subsidy sharing woes and falling production, raising investor concern.

ONGC's oil production has seen a steady decline through the first half of FY13, monthly production data published by the petroleum ministry shows.