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State Bank of India plans to bid for ONGC shares
If successful, the takeover will be the largest overseas acquisition by an Indian firm since Tata Motors' 2008 buyout of Jaguar Land Rover.
01 Mar 2012, 02:10 PM IST 
Ford at the Delhi Auto Expo in January, 2012
State Bank of India, the country's top lender, plans to bid for state-run Oil and Natural Gas Corp shares, its Chairman Pratip Chaudhuri said on Thursday.
The government is set to raise at least $2.5 billion selling a 5 per cent stake in ONGC, aiming to patch up its widening fiscal deficit and revive its stalled privatization agenda. The one-day auction started at 9:15 a.m. (0345 GMT).
Copyright @ Thomson Reuters 2012