ONGC Formal Bid For Imperial Approved by Indian Government Despite Falling Oil Price

The Congress led Central Government today allowed state owned ONGC Videsh to make its £ 1.4 billion Rs. 10,150 crore bid for 100 per cent equity in UK listed Imperial Energy formal. The Government has extended its permission for the acquisition of the energy company which has numerous fields in Russia despite falling crude oil prices and a valuation which resulted from a price of a barrel far higher than it is today.

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