India's ONGC to buy majority stake in refiner HPCL for $5.78b

India's ONGC to buy majority stake in refiner HPCL for $5.78b

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’s biggest explorer Oil and Natural Gas Corp (ONGC) has agreed to buy the government’s majority stake in state-refiner Hindustan Petroleum Corp for 369 billion rupees ($5.78 billion), ONGC said on Saturday.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter