The government is reportedly mulling to sell a 5% stake in state-run Oil and Natural Gas Corporation (ONGC). The deal would be worth $2.9 billion at current market prices.
If completed, the sale would raise nearly a third of the target for privatization revenues announced last week in Prime Minister Narendra Modi’s first budget, which seeks to curb the fiscal deficit and nurse the weak economy back to health.
ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.
