<div>India plans to sell a 5 to 10 per cent stake in state-run energy explorer Oil and Natural Gas Corp in a deal that could fetch it as much as Rs 35,000 crore ($5.84 billion) at current market price, the Economic Times newspaper reported on Tuesday (8 July).<br /><br />The newspaper said the finance ministry had suggested a 5 per cent stake sale in ONGC in a draft proposal to a cabinet panel. The paper said it was not clear how much stake the government would eventually put on sale.<br /><br />It cited an unnamed government official as saying the process of hiring bankers would be started soon. The government owns nearly 69 percent of ONGC.<br /><br />An ONGC spokesman was not immediately available for comment.<br /><br />Prime Minister Narendra Modi's government is expected to announce plans for up to a record $11.7 billion of stake sales in state-run firms in its maiden budget on Thursday (10 July), as it looks to bolster state finances.<br /><br />(Reuters)<br /> </div>
