Oil and Natural Gas Corporation (ONGC) has appointed two investment banks to advise on its acquisition of a stake in Bashneft, Financial Times reports. Rothchild and Citigroup will advise ONGC on its bid to buy a 25% stake in the Russian production and refining group.

Sistema, which currently holds 76.5% in Bashneft, may sell the stake to the Indian company, adds RIA Novosti. The acquisition is part of an effort by India to secure overseas energy assets. Bashneft has a market value of about $10.5 billion.

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