Cleary Gottlieb advised Citigroup and Morgan Stanley as managers in a sale by Indian Oil Corporation Limited (IOC) of approximately 27 million shares of Oil and Natural Gas Corporation Limited (ONGC), worth approximately $820 million, on the National Stock Exchange of India (NSE).
ONGC, which produces, refines and sells crude oil and natural gas, and IOC, a vertically integrated petrochemicals conglomerate, are both majority state owned and among the largest corporations in India.