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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Oil and Natural Gas Corporation Ltd    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LTD (ONGC)
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Oil and Natural Gas : Pawan Hans chopper crashes off Mumbai coast, 4 bodies found

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01/13/2018 | 07:07pm CEST

PTI

Mumbai: A Pawan Hans helicopter with seven people on-board, including five Oil and Natural Gas Corporation Limited (ONGC) officers and two pilots, crashed off the Mumbai coast minutes after it took off for the state-owned company's oil installation in the Arabian sea.

So far, four bodies have been recovered, ONGC said in a statement to PTI.

Search operations are on for the other missing persons.

The Pawan Hans helicopter with the ONGC officers, three of them Deputy General Managers, went missing on Saturday morning.

ONGC, Coast Guard and the Navy pressed helicopters and speed boats into action as soon as the information of the chopper going missing was received at the Juhu helibase.

ONGC has key oil and gas fields off the Mumbai coast and Pawan Hans helicopters routinely ferry company employees and officers to the oil installations that are situated as far as 160km from the coastline.

The fields offshore include Mumbai High, the nation's largest oil field, and Bassein fields, the largest gas field.

The helicopter crash is not the first accident in ONGC's history. In August 2003, an Mi-172 helicopter crashed off Mumbai coast, killing 27 staff and the pilot on-board.

"ONGC vessels and choppers along with the Coast Guard and Indian navy are combing the areas where the chopper has apparently crashed," the ONGC statement said.

"Identification of the bodies is in progress".

The chopper Dauphin N3 had gone missing after taking off from Juhu aerodrome at 10.30am.

The chopper, bearing registration number VT-PWA, was scheduled to land at the designated oil rig at Mumbai High at 11am.

The Navy said it had deployed its stealth frigate INS Teg for the search operation, while surveillance aircraft P8i was also pressed into service.

The Coast Guard has also diverted its ships to search for the missing chopper.

A senior Directorate General of Civil Aviation (DGCA) official said that the aircraft accident investigation body AAIB will probe the Pawan Hans chopper crash.

"Since it is a clear accident, this chopper crash will be probed by the Aircraft Accident Investigation Bureau," the official said.

He said the DGCA will extend all necessary help to the AAIB in conducting the probe.

AAIB is the apex body that probes serious incidents and accidents involving aircraft registered in India, and comes under the civil aviation ministry.

The Minister of State for Civil Aviation Jayant Sinha expressed deep anguish over the loss of lives.

"IndiaCoastGuard Ship on receipt of information reached area, located the debris, picked up a body at 1230 hrs," he said on twitter.

"So far resulted in 03 body recovery. Search & rescue operations are underway. Aircraft Accident Investigation Bureau will launch thorough inquiry (sic)," he tweeted.

(c) 2018 Al Nisr Publishing LLC 2017. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( INR)
Sales 2019 1 782 B
EBIT 2019 442 B
Net income 2019 307 B
Debt 2019 419 B
Yield 2019 5,00%
P/E ratio 2019 6,82
P/E ratio 2020 6,69
EV / Sales 2019 1,42x
EV / Sales 2020 1,42x
Capitalization 2 115 B
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Mean consensus OUTPERFORM
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Average target price 225  INR
Spread / Average Target 38%
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NameTitle
Shashi Shanker Chairman & Managing Director
Subhash Kumar Chief Financial Officer
Adapa Krishnarao Srinivasan Executive Director
Tapas Kumar Sengupta Executive Director & Offshore Director
Desh Deepak Misra Executive Director & Director-Human Resources
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