Executives: ONGC, Oil India Complete $873M Stake Buy in IOC
NEW DELHI, March 14 (Reuters) – India's state-run Oil and Natural Gas Corp and Oil India have completed purchase of a 10 percent stake in state refiner Indian Oil Corp for 53.4 billion rupees ($873 million), senior executives at the two companies said on Friday.
Oil India Chairman Sunil Kumar Srivastava told Reuters that the company had completed the purchase of 5 percent stake at 26.70 billion rupees. A senior executive at ONGC, who did not want to be named, said the explorer had also completed its 5 percent stake buy in Indian Oil.
In January, a panel of Indian ministers had approved the 10 percent stake sale in IOC to help the cash-strapped government raise funds to narrow its budget deficit. ($1 = 61.1400 Rupees)
(Reporting by Nidhi Verma; Additional reporting by Manoj Kumar; Editing by Anand Basu)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Subsea Contract Features Made-in-India Element (Oct 03)
- India Tells State Oil Firm ONGC to List Overseas Unit (Aug 21)
- ONGC, Reliance in Talks with Customers to Sell East Coast Gas (Apr 10)
Company: Oil India more info
- India, Iran Plan to Seal Deal to Develop Offshore Farzad B Field by October (Jun 06)
- India Launches Auction for 67 Small Oil, Gas Fields Under a New Bid Scheme (May 26)
- ONGC Plans to Drill 17 Exploration Wells in India's Shale Oil, Gas Blocks (Apr 26)