Oil India has acquired 5% stake in IOC via off-market transaction. The government has divested 10 percent stake in Indian Oil Corporation (IOC) for Rs 5340 crore. The company and ONGC have increased their stake equally in IOC at Rs 220 a share.
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company. Oil India has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production. Rajasthan is the other producing area of the company, contributing 10 per cent of its total gas production.
