Oil and Natural Gas Corporation (ONGC) has received an approval for the acquisition of 1,15,20,000 equity shares of Mangalore SEZ (MSEZ) from IL&FS at total consideration of Rs 40.32 crore. After this acquisition, equity stake of the company shall increase from 26 percent to 49 percent in MSEZ. The Board of Directors of the Company at its meeting held on April 8, 2023 has approved the same.
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.
