India’s top explorer Oil and Natural Gas Corporation may consider selling its stake in other state firms to partly fund its acquisition of state-run Hindustan Petroleum Corp Ltd, its chairman D.K. Sarraf said.
ONGC owns a near 14 percent stake in state-run Indian Oil Corp and a near 5 percent stake in GAIL which the company could consider selling, he told a news conference.
“There are several ways of funding, we can raise funds from market, then we have some stocks that we can sell,” Sarraf said, adding that the acquisition could happen by December.
Like this report? Sign up for our daily newsletter to get our top reports.
Leave Your Comment
1 year ago
India has approved explorer Oil and Natural Gas Corp’s (ONGC) plan to buy...
6 months ago
India could see more integration among state oil companies, its oil minister...
12 months ago
State refiner Hindustan Petroleum Corp Limited (HPCL) sees itself better placed...