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ONGC's arm gets cabinet nod to acquire 11% stake in Russia’s JSC Vankorneft

06 Oct 2016 Evaluate

Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary- ONGC Videsh (OVL) has received approval from the Cabinet Committee on Economic Affairs to acquire 11% stake in Russia’s Vankor oil fields from Rosneft Oil Company for $930 million, which will take its overall stake in the project to 26%. OVL had bought a 15 per cent stake in the field for $1.268 billion last year. The acquisition will provide 3.2 million tonne of oil equivalent (mtoe) to OVL by 2017.

ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.

ONGC Share Price

289.80 -3.00 (-1.02%)
05-May-2026 16:59 View Price Chart
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Company Name CMP
ONGC 289.80
Oil India 476.15
Jindal Drilling&Inds 534.45
Deep Industries 479.00
Asian Energy Service 317.85
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