ONGC, Oil India complete Rs. 5,340 crore stake buy in Indian Oil

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State-run Oil and Natural Gas Corp and Oil Indiahave completed purchase of a 10 per cent stake in state refiner Indian Oil Corp for Rs. 5340 crore, senior executives at the two companies said on Friday.

Oil India Chairman Sunil Kumar Srivastava told that the company had completed the purchase of 5 per cent stake at Rs. 2,670 crores. A senior executive at ONGC, who did not want to be named, said the explorer had also completed its 5 per cent stake buy in Indian Oil.

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