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ONGC, Oil India complete $873mn stake buy in IOC

Published March 14, 2014 Updated March 14, 2014 12:46pm

1 min

By Shoaib Ur Rehman

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NEW DELHI: 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.

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