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Centre to sell 10% in Oil India to state refiners

Centre to sell 10% in Oil India to state refiners
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First Published: Fri, Aug 10 2007. 01 34 PM IST
Updated: Fri, Aug 10 2007. 01 34 PM IST
Reuters
New Delhi: India plans to sell 10% of its holding in Oil India Ltd to state-run refiners, when the state-owned exploration firm launches an initial public offer later this year, an oil ministry official said on Friday, 10 August.
“A cabinet note has already been moved for the divestment and the initial public offer,” the official, who did not wish to be identified, told reporters.
He said the divestment will be a preferential allotment to the oil marketing companies with 5% to Indian Oil Corp. and 2.5% each to Hindustan Petroleum Corp. and Bharat Petroleum Corp.
Oil India, owned 98.13% by the government, also plans to sell another 10% in an initial public offering.
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First Published: Fri, Aug 10 2007. 01 34 PM IST