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ONGC may sell stake in GAIL
Special Correspondent
NEW DELHI:
ONGC is considering sale of its equity stake in GAIL India Limited but is keen to retain shareholding in Indian Oil Corporation (IOC). Disclosing this here, ONGC Chairman Subir Raha said there was no synergy of operations between the companies. ONGC now had a 4.08 per cent stake in the gas transmission and distribution company.
Mr. Raha told reporters on Friday that there was some synergy with IOC especially since ONGC had a director on that company's board unlike in the case of GAIL. He indicated that the sale could be made this month itself. His statement comes close on the heels of IOC having sold half its equity stake in GAIL on Thursday for Rs. 561.54 crore to repay debt and raise funds for expansion programmes.
Mr. Raha also indicated that it was keen to acquire the Indian assets of the British company, Cairn Energy which is operating an oilfield in Rajasthan. He said it was one of the interests being considered by his company.
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