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ONGC teams up with Indian Oil for IPCL bid

The Oil and Natural Gas Corp has teamed up with the country's largest refiner to bid for a stake in IPCL Ltd, which is being privatised, ONGC chairman Subir Raha said on Friday.

A government spokesman said earlier this week state-run refiner Indian Oil Corporation, Reliance Industries and detergent maker Nirma had submitted bids for control of petrochemicals firm, IPCL Ltd.

"IOC is the main bidder. We will work out the modalities of actual collaboration with IOC later," ONGC chairman Subir Raha told reporters on the sidelines of a seminar in Calcutta.

The government, which owns 59.75 per cent of IPCL Ltd, is selling a 26 per cent stake along with management control to a strategic partner.

State-run ONGC is India's main oil exploration and production firm. It produced 494,000 barrels per day out of India's output 640,000 bpd of crude oil in the year to March 2002.

Raha said ONGC's output would rise to 518,000 bpd in the current fiscal year.

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