It is in news that Oil and Natural Gas Corp Ltd (ONGC), is planning to buy Imperial Energy Corp, a Russia based firm. This fact was even more strengthened when a source from the Indian government confirmed it.  

The official who didn’t want his identity to be revealed reported, “We are waiting for it. We have submitted the bid. Our bid is very competitive ... it will take 2-3 days, maybe next week you will hear something.”

Though the source did not reveal the amount of the bid, yet it was reported in one of the business newspapers, that ONGC has submitted an initial bid of 12.90 pounds per share, which comes around $2.96 bn.  

On Thursday, a daily reported that if in case the competition heats up, then the bid may even go up to $3.5 bn.  

The anonymous source even reported on Friday that as of now, three-four firms have submitted bid for Imperial.  

It has been learnt that besides the state run ONGC, China's Sinopec Group and Korea National Oil Corp (KNOC), are also keen to buy Imperial.