ONGC may sell stake in Indian Oil, GAIL to fund HPCL deal

India's top explorer Oil and Natural Gas Corporation may consider selling its stake in other state firms to partly fund its acquisition of state-run Hindustan Petroleum Corp Ltd, its chairman D.K. Sarraf said.

ONGC owns a near 14 percent stake in state-run Indian Oil Corp and a near 5 percent stake in GAIL which the company could consider selling, he told a news conference.

"There are several ways of funding, we can raise funds from market, then we have some stocks that we can sell," Sarraf said, adding that the acquisition could happen by December.