ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Petroleum- Not All Roses

THE Indian subsidiary of the world's largest oil (company has now come under government management. The President has given his assent to the Esso (Acquisition of Undertakings in India) Bill 1974. The agreement between Esso and the Government of India, providing for the immediate take-over of 74 per cent of Esso's equity by the latter and its extension to 100 per cent at the end of a seven-year period has also been signed. This move has been hailed in Parliament, the Press and elsewhere as being of "his- toric significance", as a "major break- though'' in the government's oil policy and as a great step in "the country's advance towards socialism".

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