ONGC, Oil India complete $873 million stake buy in IOC - executives

NEW DELHI (Reuters) - State-run Oil and Natural Gas Corp and Oil India have completed purchase of a 10 percent stake in state refiner Indian Oil Corp for 53.4 billion rupees, senior executives at the two companies said on Friday.

Oil India Chairman Sunil Kumar Srivastava told Reuters that the company had completed the purchase of 5 percent stake at 26.70 billion rupees. A senior executive at ONGC, who did not want to be named, said the explorer had also completed its 5 percent stake buy in Indian Oil.

In January, a panel of Indian ministers had approved the 10 percent stake sale in IOC to help the cash-strapped government raise funds to narrow its budget deficit.

 

(Reporting by Nidhi verma; Additional reporting by Manoj Kumar; Editing by Anand Basu)