ONGC may sell stakes in GAIL and IOC

Oil and Natural Gas Corporation (ONGC) may sell 18.64% of its holdings in Indian Oil Corporation (IOC) and Gas Authority of India Limited (GAIL) in order to fund Rs 33,000 crore acquisition of HPCL.

The decision to sell the stake is yet to be confirmed. As the company is currently debt free , the shareholders have decided to raise 25,000 crore from market through borrowings.

Currently, ONGC has about Rs 26,450 crore  worth stake in IOC and 1,640 crore worth in GAIL.