An India government panel Tuesday approved a plan by state-run Oil & Natural Gas Corp. Ltd. (500312.BY) to acquire a 25% stake in Satpayev oil block in Kazakhstan, a person familiar with the matter said.
"It will now go to the federal cabinet for approval," the person, who didn't wish to be named, said.
ONGC's overseas unit, ONGC Videsh Ltd., along with its partner Mittal Investments Sarl, will invest about $400 million for the development of the block, the person said.
The two companies will pay a combined $26 million for the stake, he added.