NEW DELHI, Aug 26: Indian state-run oil giant ONGC announced a $2.6 billion deal on Tuesday to buy Russia-focused Imperial Energy as it seeks new fuel sources to power the country’s fast-growing economy.

The bid by India’s biggest oil producer, Oil and Natural Gas Corp, or ONGC, for Britain’s Imperial Energy offered shareholders a 62 per cent premium on the stock price on July 11, the day before the company said it received a takeover approach.

Imperial Energy’s directors “intend unanimously to recommend” that shareholders accept the offer” worth $2.6 billion, said Imperial Energy executive chairman Peter Levine.—AFP