Oil India, ONGC to buy IOC stake at 220/share - source

NEW DELHI Thu Mar 6, 2014 1:44pm IST

1 of 2. A technician works inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad March 2, 2012.

Credit: Reuters/Amit Dave/Files

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NEW DELHI (Reuters) - State explorer Oil and Natural Gas Corp (ONGC)(ONGC.NS) and Oil India(OILI.NS) will pay 220 rupees a share for their proposed 10 percent stake buy in state refiner Indian Oil Corp (IOC)(IOC.NS), a government source said.

ONGC and Oil India are likely to buy the stake next week, the source said on Thursday.

In January, a panel of ministers approved the 10 percent stake sale in IOC to help the cash-strapped government raise funds to narrow its budget deficit.

(Reporting by Nidhi Verma; editing by Malini Menon)

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