India: Government approves creation of state oil giant in $4.6b deal

India: Government approves creation of state oil giant in $4.6b deal

Oil and Natural Gas Corp's (ONGC) wells are pictured in an oil field on the outskirts of the western city of Ahmedabad, March 16, 2016. REUTERS/Amit Dave

India approved the sale of a $4.6 billion stake in state-run refiner Hindustan Petroleum Corp. to the country’s biggest oil and gas explorer, according to a person with knowledge of the decision.

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