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ONGC sets now guidelines for contracts-II: Rules for piggy backing on parent company changed
Mar 08: If a bidder is not able to meet the financial criteria, he can ride piggyback on the financial capability of a supporting company under the following conditions:
8The supporting company should hold more than 50% of the paid up capital of the bidder
8The supporting company by itself fulfills the financial criteria for the BEC
8Supporting company furnishes 50 of the PBG
8In such cases the financial parameters of the supporting company will be used for financial criteria evaluations.
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