Cabinet clears ONGC to buy 11% stake in Vankorneft
The Cabinet on Wednesday gave its approval to ONGC Videsh Limited's acquisition of an additional 11% stake in JSC Vankorneft from Russia’s national oil company Rosneft. The deal is valued at $930 million (over ₹6,100 crore). The acquisition will augment India's energy security and will provide 3.2 million metric ton of oil equivalent to OVL by 2017, a statement read.