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IOC, BPCL keen to acquire GAIL; company wants to merge with ONGC

ONGC, India's largest oil and gas producer, proposed to acquire oil refiner and fuel marketing company HPCL, which was approved by the Cabinet. Oil and Natural Gas Corp (ONGC) is currently in the process of acquiring the government's 51.11 per cent stake in HPCL, which at current prices is worth over Rs 33,000 crore.