Oil and Natural Gas Corp , India's state-run explorer, will allow British gas producer BG Group to exit three exploration blocks off the country's east coast, ONGC Chairman Sudhir Vasudeva told reporters on Wednesday.

The deal size is about $50 million (32 million pounds), he said.

(Reporting by Ratnajyoti Dutta; Editing by Krittivas Mukherjee)

(This story was corrected in the first paragraph to say ONGC is to allow BG to exit projects)