India's state-owned Oil and Natural Gas Corp said on Monday it wanted to raise 250 billion rupees ($3.9 billion) through debt to fund acquisitions and capital expenditure this financial year. ONGC's first debt issue in more than a decade would likely buy the government's 51.1-percent stake in refining and marketing company Hindustan Petroleum Corp Ltd , company officials and analysts said. Which has about a dozen state-owned oil and gas companies with significant overlaps in operations - is trying to create a large integrated energy firm.

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