NEW DELHI 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)
Trending On Reuters
India hanged Yakub Memon on Thursday for his role in the country's deadliest bombings, which killed at least 257 people in Mumbai in 1993, after the Supreme Court rejected a desperate overnight plea to delay his execution. Full Article | Video