New Delhi [India], September 28 (ANI): Dinesh K. Sarraf, the Chairman and Managing Director of the Oil and Natural Gas Corporation Ltd (ONGC), said that the firm is hoping to complete the selling of its existing stakes in other Public Sector Undertakings (PSUs) to partly fund the acquistion of the Hindustan Petroleum Corp. Ltd. (HPCL), by the end of December.
"There are many funding options available. We can look at market borrowings; we have some stocks we can sell," Sarraf said at a media conference.
Sarraf further stated that the Government of India and the ONGC both are working towards it.
"Today, we had an annual general meeting with the shareholders and we have taken their approval that we can at least borrow Rs. 25,000 crore from the market. We have about Rs. 10,000 crore of ready cash, and we will see further whether we need to dispose the shares off or not," he said.
The ONGC chairman also said that the evaluation of such companies is high.
"So with the same profit, we will be valued higher by the market and our profits in any case will increase because of this energy," he had said.