India wants to build up a State-owned oil giant

Indian Finance Minister Arun Jaitley declared the will of the Asian Country to create one giant oil company by merging many or all the various State-owned oil companies.
India is the third largest oil consumer in the World, importing about 80% of the total domestic consumed oil, and Prime Minister Narendra Modi set the goal for oil imports to no more than 67% within three years.
India is replacing China as the driver of global oil demand growth, and the International Energy Agency expects it to account for one-quarter of global energy use by 2040.
India has about a dozen state-run oil and gas companies, but alone they do not have the financial power to rival global oil majors in bids for overseas oil assets. The same Minister Jaitley declared that this merger will give them capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for shareholders.