Mumbai, Spet 25: State-run exploration firm Oil & Natural Gas Corporation Ltd will seek the government's approval to buy refiner Hindustan Petroleum Corporation Ltd's 16.97 per cent stake in Mangalore Refinery & Petrochemicals Ltd, the Bombay Stock Exchange said. The exchange said on its Web site on Thursday that ONGC would submit a proposal to the government to buy the shares at Rs 37.75 each.
Mangalore Refinery was taken over in March by ONGC, which had purchased 37.5 per cent equity from the diversified Aditya Birla group and invested another RS 6 billion to raise its stake to 51 per cent.
The firm will remain a subsidiary of ONGC, it said. Bureau Report