Oil and Natural Gas Corporation (ONGC) is trying hard to acquire Imperial Energy for $2.1 billion in the stipulated period. However, there are fewer chances to complete the process in time as 90 per cent of the investors are unlikely to tender their shares within the required time limit.  

ONGC Videsh Ltd had earlier requested the UK Takeover Commission to extend the date for the open offer but it was rejected by the commission. Company now has 21 days to decide on the acquisition as necessary approval was attained on November 11. The company can acquire Imperial Energy at 1250 pence per share if about 90 per cent of company's investor tenders their shares in stipulated time.

The government can ask OVL to go ahead with the deal as it wants to secure energy supply for the country irrespective of profit it makes. It's also a question of credibility of the reputed company if it does not go ahead with the proposed acquisition.

Meanwhile, shares of Imperial Energy fell 25% after rejection of OVL’s request to extend the time limit. The company holds large reserves of crude in Russia. Experts believe that Indian authorities want to renegotiate the deal after large decline in the global fuel prices following global financial crisis.