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22

Indian Oil Majors Not Going To Merge

India denied any plans to create mega oil giants through merger of state-owned oil companies

India denied any plans to create mega oil giants through merger of state-owned oil companies Wednesday.

India?s Petroleum Secretary said, "We have no plans for any mergers," replying to information provided by a daily newspaper of plans to create two mega oil companies after merger of the exploration and refining majors.

There has been talk of creating a national oil major on the lines of those in other countries but it had not moved beyond the initial proposal stage, official sources said.