If the newly installed minister of petroleum has his way, then Indian industry will see the largest merger ever. The Indian oil industry’s functions, from exploration and production and refining through to marketing, are controlled or dominated by government-owned companies (though most are listed on the stock exchange). The proposal that has been in the air for the past couple of years and is now under the active consideration of the government is to have two sets of mergers. One will involve combining the E&P; company ONGC Ltd with refining and marketing companies Hindustan Petroleum and Bharat Petroleum. The second merger involves combining the country’s largest refining and distribution firm Indian Oil Corp. (IOC) with Oil India Ltd (OIL). The twin sets of mergers will create two oil giants with combined revenues of $33.8 billion and $26 billion respectively, instead of the five large companies in existence today, in addition to four smaller state-owned refining companies. The standalone refineries will be added to either of these combinations.