India plans to sell stakes in ONGC: report

Mumbai: India plans to sell a 5 to 10 per cent stake in state-run energy explorer Oil and Natural Gas Corp in a deal that could fetch it as much as 350 billion rupees ($5.84 billion) at current market price, the Economic Times newspaper reported on Tuesday.

The newspaper said the finance ministry had suggested a 5 per cent stake sale in ONGC in a draft proposal to a cabinet panel. The paper said it was not clear how much stake the government would eventually put on sale.

It cited an unnamed government official as saying the process of hiring bankers would be started soon. The government owns nearly 69 percent of ONGC.