ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of India based Oil and Natural Gas Corporation (ONGC), reported that it has bought 15 per cent stake in Imperial Energy and formally launched a negotiated takeover bid for the company at $2.6 billion.

OVL Managing Director R S Butola said:

The acquisition represents an important addition to OVL's operations and we believe OVL's financial strength and technical expertise will enhance the attractive growth potential of the business in the Tomsk region.

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