Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has received board’s approval to exit helicopter service provider Pawan Hans by selling its entire 49 percent stake as it looks to cut debt and consolidate resources in core oil and gas business. The company wants its interest to be clubbed with the 51 percent government stake that is already on offer for sale.

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.