IndianOil favours oil companies' mergers, to seize opportunity
New Delhi   21-Mar-2017

Supporting the government's decisions to create integrated domestic oil companies, Indian Oil Corporation chairman Mr. B. Ashok on Monday said the company would look at all possibilities of mergers and acquisitions.

“Mergers and acquisitions are not new to us and in the past 15 years or so; we have taken over some big companies. So, with such experience, we think it definitely is worth our while to look at the possibilities. The finance minister has offered a window of opportunities for us,” He told FE in an interview.

IndianOil, India's largest company by revenue has taken over Bongaigaon Refinery, a standalone refining company, and Indo-Burma Petroleum, a downstream company in the past.

Finance Minister Arun Jaitley in his Budget speech had announced that the government intended to merge state-run oil & gas entities to create an integrated company which will have the “capacity to bear higher risks , avail economies of scale, take higher investment decisions & create more value for the stakeholders”.

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