ONGC wins govt nod for Rs 7,738-cr GSPC stake buy

State-owned Oil and Natural Gas Corporation (ONGC) has won government approval for acquisition of Gujarat State Petroleum Corporation’s (GSPC) entire 80 per cent holding in a KG basin gas block for Rs 7,738 crore, the company said.

ONGC had in December last year agreed to buy the entire 80 per cent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for $995 million (Rs 6,443 crore).

The company will also pay part consideration of $200 million (Rs 1,295 crore) to GSPC towards acquisition rights for discoveries other than DDW