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ONGC, le concurent de vedanta, un sacré morceau !
India picks banks to lead $4bn sale of 5pc ONGC stake
telegraph
Harry Wilson, 17:17, Monday 17 January 2011
The Indian government has hired six investment banks to lead the sale of a 5pc stake in Oil & Natural Gas Corp (ONGC), India's largest oil exploration company.
Selling the stake is expected to raise about $3bn (£1.9bn) to $4bn for India, according to the country's oil secretary, S Sundareshan.
Bank of America Merrill Lynch, Citigroup (NYSE: C - news) , HSBC (LSE: HSBA.L - news) , JP Financial Services, Morgan (019990.KQ - news) Stanley (Berlin: SYC.BE - news) and Nomura have been selected to run the sale, which will help raise funds for the government's planned expenditure on welfare and development projects.
R.S. Sharma, chairman of ONGC, told reporters on Monday that the appointment of the banks was dependent on "confirmation and certain validation checks".
India owns a 74.14pc stake in ONGC and also has plans to sell down part of its holding in Indian Oil Corp.
Mirroring BP's share swap deal last week with Russian state-controlled oil company Rosneft, ONGC is in talks with Russian conglomerate AFK Sistema to form a joint venture that could invest in oil and gas projects in Russia (OMXR.EX - news) .
Privately-owned Sistema, which has in the past mainly invested in the technology and telecoms sectors, has been building its energy business in recent years and the two companies are looking at a "potential transaction", according to a statement issued last month.
ONGC was recently seen as a rival to Vedanta in its bid for a majority stake in Cairn India, the Mumbai-listed business controlled by Cairn Energy (LSE: CNE.L - news) , the Edinburgh-based explorer.
In 2008, ONGC bought Imperial Energy, the Russia-focused oil explorer, in a £1.4bn deal, beating rival interest from China's Sinopec and KNOC of Korea.
Fears that the Russians would dislike a deal that left a state-controlled energy company owning Russian assets were assuaged after lengthy talks between the Indians (INDN.PK - news) and the local authoritie