Oil & Natural Gas Corporation Ltd.

ONGC 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 Oil India have increased their stake equally in IOC at Rs 220 a share. ONGC's stake in IOC will go up to 13.77 percent.

ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.