Oil and Natural Gas Corporation (ONGC) has entered into a share purchase agreement for acquisition of shares of Petronet MHB, a subsidiary of the company. The acquisition price is approximately Rs 185.38 crore for 9,48,22,632 equity shares or 17.28% stake in the share capital of Petronet MHB. Post-acquisition, the company will hold about 49.996% stake in Petronet MHB.
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.
