ONGC likely to buy out IL&FS' 50% stake in MSEZ

Oil and Natural Gas Corporation (ONGC) is looking to buy out Infrastructure Leasing & Financial Services' (IL&FS') stake in Mangalore Special Economic Zone (MSEZ) after protracted negotiations. IL&FS holds 50% equity in the company. The deal is likely to be concluded at 'fair value' after ONGC's attempt to buy out the shadow lender's stake in the joint venture (JV) at deep discount failed.