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ONGC Goes on Spending Spree

Indian giant looking to raise mass capital in the process...

India's Oil and Natural Gas Corporation plans to invest $2.2 billion a year until 2007 in its domestic market which has one of the highest rates of energy consumption in the world.

ONGC's disclosure of its ambitious capital expenditure plans emerged as it unveiled details for India's largest share offering, one of six state assets being sold, from which more than $3 billion could be raised.

A 10 percent stake is to be sold by the government, which owns about 84 per cent of ONGC. The sale is likely to raise $2.5 billion.