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Home News ONGC to buy out GSPC’s KG block stake for $1.2 billion

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ONGC to buy out GSPC’s KG block stake for $1.2 billion

ONGC to buy out GSPC’s KG block stake for $1.2 billion

Monday, March 20, 2017, 10:34 AM

The oil major company, ONGC has signed a pact to buy out the debt-ridden, GSPC entire 80% stake in KG-basin natural gas block for $1.2 billion. Soon after the government's nod, the company will close the deal and pay GSPC the money for the transfer of participating interest and change of operatorship. The company is hoping to close the deal in April.
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