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India's State Bank plans to bid for ONGC shares-chair
March 1, 2012 / 5:36 AM / 6 years ago

India's State Bank plans to bid for ONGC shares-chair

MUMBAI, March 1 (Reuters) - State Bank of India , the country’s top lender, plans to bid for state-run Oil and Natural Gas Corp shares, its Chairman Pratip Chaudhuri said on Thursday.

The Indian government is set to raise at least $2.5 billion selling a 5 percent stake in ONGC, aiming to patch up its widening fiscal deficit and revive its stalled privatisation agenda. The one-day auction started at 9:15 a.m. (0345 GMT). (Reporting by Swati Pandey; Editing by Ranjit Gangadharan)

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