14 March 2014, News Wires – 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) –