ONGC Eyeing Cairn Assets

ONGC has set its sights on Cairn Energy's assets in India and Pakistan which are worth approximately $784.9 million. ONGC has hired Morgan Stanley to go through with the bid, according to sources. Morgan Stanley and Cairn were not immediately available for comment.

Under the terms of the agreement Cairn would stay on as a quoted shell but all its major assets would fall under ONGC's control. The remaining Cairn shell would likely focus on exploration and leave the development and marketing sides of the business.