The Economic Times

ONGC cancels jack-up rig tender over cartelisation fears, flags 60% spike in bid prices

State-run ONGC has cancelled a tender for jack-up rigs due to concerns over unusual price hikes and bid patterns, suspecting collusive practices. The company observed a nearly 60% increase in day rates within nine months, significantly exceeding market norms. ONGC aims to ensure fair competition and safeguard public funds by upholding procurement integrity.