Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) is planning to sell some of its stake in Indian Oil Corporation (IOC) to institutional investors like Life Insurance Corporation of India (LIC) to part-fund its over Rs 34,000 crore acquisition of refiner Hindustan Petroleum Corporation (HPCL).

The acquisition of 51.11 per cent government stake in HPCL will be funded through a combination of market borrowing and selling some stake in IOC and GAIL

ONGC holds 13.77 per cent stake in India's biggest refiner IOC, which currently worth over Rs 27,800 crore. It has another 4.87 per cent stake in GAIL India worth of Rs 1,600 crore.

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.