Oil And Natural Gas Corp. (ONGC)

[OilStockReport]

Thoughts on this?

(Reuters) - The Indian unit of Britain's BG Group is in talks with India's state-run Oil and Natural Gas Corp (ONGC) to acquire a stake in a gas block off the country's east coast, the BG India's president said on Wednesday.

"We had given a proposal to ONGC a while back. The ball is in their court," Walter Simpson, President and Managing Director of BG India, told reporters on the sidelines of an industry conference.

ONGC's chairman said in June the firm was in talks with BG and Italian oil major ENI to sell up to 30 percent in the block to help investment of about $7.7 billion to develop the gas field.