The Cabinet Committee on Economic Affairs (CCEA) has approved sale of government’s 5% stake in oil major ONGC through an Offer for Sale (OFS). With the sale of the said stake, the government could fetch over Rs 18,000 crore to the exchequer.
The disinvestment department had selected 5 merchant bankers -- Citigroup and HSBC Securities, UBS Securities, ICICI Securities and Kotak Mahindra Capital for managing the stake sale.
In the current fiscal the government plans to mop up Rs 43,425 crore from selling stake in various state-owned firms.
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.
