, India

India mulls over forming state-owned energy giant

It plans merging existing state-run firms.

Nikkei Asian Review reported that looking to take on major global energy players, the Indian government has announced plans to create an oil and gas giant by merging existing state-run companies.

"India has about a dozen such companies, including Oil and Natural Gas Corp., the biggest of them. Others include Indian Oil, GAIL (Gas Authority of India), Bharat Petroleum and Hindustan Petroleum. A merger of the top eight of these companies -- which have a combined market value of over $100 billion -- would create a conglomerate able to compete with the likes of BP and Royal Dutch Shell," it reported.

View the full report here.

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