State exploration firms Oil and Natural Gas Corp Ltd and Oil India Ltd will buy the stake, Oil Secretary Vivek Rae said.

The transaction is likely "within the next week or so," Rae said.

Apart from IOC, the government has been pushing for the sale of a 5 percent stake in miner Coal India as part of its plan to raise USD 6.4 billion through stake sales in state firms this fiscal year, but disagreements among ministries and depreciation in the rupee have stymied the efforts.

So far this fiscal year, the government has only raised around USD 500 million through stake sales.


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