India okays sale of 5% interest in ONGC

Sept. 11, 2014
The government of India has approved the public sale of a 5% interest in state-owned Oil & Natural Gas Corp. as part of a broader divestment program.

The government of India has approved the public sale of a 5% interest in state-owned Oil & Natural Gas Corp. as part of a broader divestment program.

The Cabinet Committee on Economic Affairs approved the sale, along with interests of 10% in Coal India Ltd. and 11.36% in NHPC Ltd., which generates hydroelectricity.

The state holding in ONGC, India’s largest state-owned producer of oil and natural gas, now is 68.94%. The government sold a 5% interest in the company in 2012.

The government also is selling interests in state-owned companies outside the energy industry.