Govt may sell stake in ONGC, IOC: Sundareshan

“These are interesting ideas in the case of ONGC and Indian Oil and we are looking into this," he told CNBC-TV18 on the scope of stake sale in state-run oil firms.

“The scope of this (stake sale) does not exist in the case of Hindustan Petroleum Corp., Bharat Petroleum Corp. and GAIL (India), where the holding of the government is 51% to 57%."

India plans to sell government stake in 60 firms in next few years and aims to raise Rs400 billion in the current fiscal ending March 2011 to fund its social welfare schemes and infrastructure programmes.

The government currently holds 74.14% stake in in ONGC and about 79% in IOC.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!