Oil and Natural Gas Corp (ONGC) has received government approval for the acquisition of Gujarat State Petroleum Corp’s entire 80 percent holding in a KG basin gas block for Rs 7,738 crore.

In December last year, ONGC had agreed for buying entire 80 percent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for USD 995 million (Rs 6,443 crore).

The company will also be paying part consideration of USD 200 million (Rs 1,295 crore) to GSPC towards acquisition rights for discoveries other than DDW field in the block.

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