On 4 August, ONGC said it has completed the Rs7,738 crore acquisition of 80% stake in GSPC’s Deen Dayal gas block in the KG basin. Mumbai: Gujarat State Petroleum Corp. Ltd (GSPC) has revived its plan to sell stakes in 20 of its onshore oil and gas blocks, two people aware of the development said. Of the 24 blocks held, GSPC is an operator in six blocks and a non-operating partner in 18. After Deen Dayal block, sale of other blocks is imperative,” said the second person cited earlier. GSPC had invested $3.5 billion (approximately Rs20,000 crore) in its Deen Dayal block, which burdened the company with debt.

Source: Mint August 13, 2017 20:48 UTC