ONGC sale farce dents India investor interest

摘要

India’s highly anticipated sale of a 5pc stake in state-controlled upstream firm ONGC this month has turned out to be an embarrassment for the government, rein- forcing the lack of interest in investing in the country’s energy sector. While Delhi reached its primary goal of raising at least $2.5bn through the auc- tion, the low level of interest and the chaos of the sale process have undermined India as an investment destination, where foreign investment is already on the wane.