Page 41 - Platics News June 2022

BUSINESS NEWS

Ongc Q4 Fy-22 Results: Posts Highest Ever Net Pro t Sig Completes Acquisition
Of Rs 40,306 Crores Of Scholle Ipn

F exible Packaging Solution
provider SIG has completed
the acquisition of exible packag-
ing company Scholle IPN.In Feb-
ruary this year, SIG had agreed to
buy Scholle IPN for an enterprise
il and Natural Gas Corporation gets international rates as the down- value of €1.36bn ($1.53bn) and an
O(ONGC) Board Directors in its stream fuel retailers too price petrol, equity value of €1.05bn ($1.2bn).
350th Meeting held on 28th May 2022 diesel and other petroleum products at Headquartered in Northlake, Illi-
approved the annual results for FY’22. global rates. ONGC has declared 4 dis- nois, US, Scholle IPN is a provider
e company registered a 32 percent coveries (2 in onland, 2 in o shore) dur- of sustainable packaging systems
hike in its fourth-quarter net pro t. e ing FY 2021-22 in its operated acreages. and solutions for food, beverages,
standalone net pro t for Q4 is Rs 8,860 Out of these, 3 are prospects (1 in on- retail, institutional and industrial
crore. e company posted the highest land, 2 in o shore) and 1 is a new pool customers. It employs approximate-
ever net pro t of Rs 40,306 crore, up (onland). Six hydrocarbon discoveries ly 2,100 people across the globe.
258%. e Company's Consolidated have been monetized during the year For the year ending 31 March, the
Turnover stands at Rs 5,31,762 Crore including the two discoveries noti ed company reported approximately
in FY’22 as against Rs. 3,60,464 Crore during the scal of 2021-22. Explora- €474m ($509.64m) in revenue and
in FY’21 and Consolidated Group Net tory well Hatta 3 in Son valley sector of adjusted EBITDA of approximately
Pro t (PAT) Rs. 49,294 Crore in FY’22 Madhya Pradesh produced gas at 62,044 €90m ($96.75m). Scholle IPN has
been fully integrated into SIG from
as against Rs. 21,360 Crore in FY’21. m3/day on testing and con rmed the
1 June 2022. e acquisition will
ONGC’s overseas arm, ONGC Videsh potential of commercial production
enable SIG to provide sustainable
Ltd. registered production of oil and gas from Vindhyan Basin paving the way
low-carbon packaging solutions
of 12.330 MMTOE in FY’22, as com- for establishing the 9th producing Ba-
across a wide range of categories
pared to 13.039 MMTOE in FY’21. sin of India. ONGC is working out
and product sizes. SIG chief execu-
For the full scal (April 2021 to March various options for early monetization.
tive o cer Samuel Sigrist said: “We
2022), ONGC posted a record net prof- According to sources "Manage- are delighted to welcome Scholle
it of Rs 40,305.74 crore, up from Rs ment has guided for an aggressive IPN to the SIG family. Together, we
11,246.44 crore in the previous nan- Capex spending of Rs 310 bil- are looking forward to pursuing ad-
cial year. is, after international energy lion on exploration activities for ditional growth opportunities and
prices surged from late 2021 and spiked the next three years. Oil produc- developing exciting innovations for
after Russia invaded Ukraine in Febru- tion for FY23/24 was guided at the food and beverage industry in
ary. ONGC gets international prices for 21.6/21.7mmt, while gas produc- sustainable barrier technologies and
crude oil it produces and so it bene ted tion was guided at 24.4/26.1bcm. high-speed aseptic lling.”
from the surge in energy prices. ONGC

41 PLASTICS NEWS June 2022