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Govt may sell up to 60% stake in producing oilfields of ONGC, OIL

India is the world's third-largest crude importer, buying 80 per cent of its supplies from overseas

Reuters  |  New Delhi/Mumbai 

India plans to offer stakes of up to 60 per cent in oil and gas fields owned by state energy companies that are already under production to private firms, said five government and company sources with knowledge of the matter. The government is making the decision after failing to draw investment from global oil majors in new fields. The plan would boost India's domestic oil and gas output and would meet Prime Minister Narendra Modi's target to reduce oil imports by 10 percent by 2022. However, the plan could reduce profits of state-owned companies. India is the ...

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First Published: Wed, September 27 2017. 18:54 IST