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ONGC sets now guidelines for contracts-I: Debt equity criterion set at 2:1 for LSTK contractors
Mar 08:   ONGC has come out with a new set of guidelines for ascertaining the financial capability of its bidders in different tenders
In all procurements:
8Turnover of the bidders for goods should be 30% of the bid value and for LSTK contacts, it will be 30% of the bid value
8The networth of the bidder will have to be positive and to be eligible for LSTK and service contracts, the networth should not be less than 15% of annualized bid
8The working capital should also be 15% of the annualized bid value
8The debt equity ratio of a bidder for LSTK contracts should not be more than 2:1
8The turnover for evaluation will be the average of two years.
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