ONGC is India''s biggest wealth creator: Motilal Oswal

ONGC has been rated as being the biggest wealth creator in India in terms of market capitalisation, for the second year in succession. Subir Raha, chairman and managing director, of the company was presented the award in the 10th wealth creation awards function organised by Motilal Oswal Securities Ltd and CNBC-TV 18, in Mumbai on December 20, 2005.

ONGC topped the list as the biggest wealth creator for generating Rs1,065 billion between 2000 and 2005. The wealth created by it outstrips the combined wealth created by IOC (Rs349 billion), Reliance Industries (Rs349 billion) and State Bank of India (Rs240 billion) for the the same five-year period.

ONGC says this award is not a decision of any panel of judges. It is the verdict of nearly twenty million investors in the last five years. Thus, it truly reflects the investors confidence in the company''s capabilities and future prospects.

Last year ONGC was recognised for creating the highest wealth among all Indian corporates from 1999-2004 in the same survey.

Accepting the award for the second year in succession, Raha attributed the success to ''Team ONGC'', and hoped that it would achieve a hat-trick by bagging the award in the coming year, as well.