ONGC in talks to acquire certain portion of GSPC’s assets

Oil and Natural Gas Corporation (ONGC) is in talks to acquire a certain portion of the oil and gas assets of Gujarat State Petroleum Corporation (GSPC) in the Krishna-Godavari basin, off the Andhra coast.

The company’s overseas arm - ONGC Videsh (OVL) is in advance stages of talks for acquiring another 11 percent stake in the Vankor-Cluster asset in Russia’s eastern Siberia, owned by Rosneft. The deal might take OVL’s overall stake in Vankor to 26 percent; it had bought 15 percent in the asset for $1.27 billion in September 2015.

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.