Mumbai, Mar 07: ONGC chairman Subir Raha has said that the overwhelming success of the public offer to divest 10 per cent government stake in the company was an recognition of entire trade and industry in the country by international investors. "The fact that investors from Europe to Far-east are willing to put in money in ONGC is a recognition of not only ONGC but of the entire trade and industry in the country," Raha said while accepting the Chairman of Year 2004 and Global CEO of the Year 2004 awards by Business Baron International magazine.

He was presented the awards by the Maharashtra Governor Mohammmed Fazal at a ceremony here on Saturday.

Raha said the success of the IPO showed the confidence of the International community that the Indian companies can deliver. He said that times are changing and there were already talks of the country being in the forefront of nations by 2050.

ONGC was fourth largest in terms of market cap among all oil and gas companies in the world while it was topmost in the upstream companies but there was a long way to go, Raha said.

Union Minister of State for Power Jaywantiben Mehta said that before 1998 people used to spurn Public Sector Companies but they have performed and become successful and their success rested heavily on those who managed it. Bureau Report