ONGC plans to sell stake in Indian Oil and GAIL for $4.8 billion – Feedback

Indian Oil and Oil & Natural Gas Corp (ONGC) plans to sell its holding in two state-run energy companies within a year to repay debt it raised to fund the purchase of the Indian government’s stake in Hindustan Petroleum Corp. Ltd (HPCL), according to people with knowledge of the matter.

State-run explorer may sell shares of Indian Oil Corp. and GAIL India Ltd in multiple transactions on the open market through the year, the people said, asking not to be identified because the information isn’t public. ONGC has already received the approval of the government and is waiting for the right price to begin offloading the shares,.

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