(ET)
Even as the Union Cabinet is getting all set to bless the mega ONGC-HPCL merger, ET Now exclusively learns that the Narendra Modi government has already zeroed in on another mega transaction between PSUs to create yet one more oil behemoth. According to sources, Indian Oil is in talks to buy out the government’s 66% stake in upstream major Oil India.
This is all a part of the Modi government’s vision to create integrated oil and gas companies, and as as announced by the Finance Minister in his 2017 Budget speech. Sources told ET Now that the modalities of the IOC-Oil India merger are still to be finalised, and no call has been taken whether this should be an all cash deal or an all stock deal or a mix of cash and stock.
