Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) may sell its holding in Indian Oil Corporation (IOC) and GAIL to fund Rs 33,000 crore acquisition of HPCL. The company has about 13.77% stake in IOC, which is worth around Rs 26,450 crore and 4.87% stake in GAIL, which is worth Rs 1,640 crore.

ONGC is debt free and currently has Rs 10,000 crore of cash. It has received the shareholders’ approval to raise Rs 25,000 crore through borrowing.

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.