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Oil India IPO by September; no disinvestment in ONGC, IOC

This article was posted on Jun 2, 2009 and is filed under Press Releases

NEW DELHI: Oil exploration major Oil India Ltd (OIL) is likely to launch an initial public offering (IPO) in September, Petroleum Secretary R.S. Pandey said here Tuesday.

He, however, ruled out disinvestment in other state-owned oil giants Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC).

“There is no plan to divest stake in IOC and ONGC,” Pandey told reporters, adding: “But we expect an initial public offering of Oil India by September.”

He pointed out that OIL’s disinvestment had been in the pipeline for a long time, but was postponed repeatedly due to adverse market conditions.

OIL chairman N.M. Borah said the company board had been informed of a roadmap for the IPO.

Besides OIL, the government is also planning to sell stake in a few other state-run entities to raise resources to fund infrastructure projects. In the interim budget, the government had calculated that it would generate Rs.1,120 crore from disinvestment.

source: Economictimes

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