The workers' strike may result in a total revenue loss of Rs 50-60 crore per day and not Rs 182 crore per day, as reported, says ONGC.
Director of Finance at ONGC, RS Sharma explains that the loss would be lesser than reported, but the extent of the actual impact on loss of production cannot be quantified.
Sharma says this strike is not very serious and the management is in talks with the workers to resolve it.
Excerpts from CNBC-TV18's exclusive interview with RS Sharma:
Q: Could you tell us what are the workers striking for and what has been happening?
A: Nothing has happened. They have given a notice for various demands relating to payments, incentives etc,
Q: Will this strike result in a loss of about Rs 182 crore per in day in terms of money? How much would it be in terms of crude output?
A: Our annual revenue is about Rs 50,000 crore, including all the levies etc. So this Rs 182 crore is not correct and I think the revenue loss per day would be in the range of Rs 50-60 crore.
We produce about 600,000 barrels per day, but it is difficult to compute how much the actual impact on the loss of production will be.
Q: How many workers are striking and how soon will you reach to a resolution?
A: We are into discussions and I don’t think the situation is that serious that it will result in stoppage of work.
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