/ IOC-Oil India Merger : IOC To Buy 66% Stake In Oil India ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 18 July 2017

Indian Oil Corporation (IOC) may buy out the government’s 66% stake in the Oil India, part of government’s plan to create a giant integrated oil company, as announced by the Finance Minister in his 2017 Budget speech.

Government's view is that the merger between behemoth refiner and marketer, Indian Oil Corp and smaller oil exploration firm, Oil India Ltd should happen in this fiscal year itself. It is not yet clear whether this merger would be an all-cash deal, an all-stock deal, or a mix of the two, reported a national daily.

It is expected that this deal will be executed after the ONGC and HPCL merger, added the report.

The government of India announced in June that it is planning to sell its 51.1% stake in HPCL to ONGC by the end of this year, in a deal worth USD 4.5 billion.

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