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Indian Oil share sale to be delayed to next FY

Indian Oil share sale to be delayed to next FY
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First Published: Mon, Jan 17 2011. 11 39 AM IST
Updated: Mon, Jan 17 2011. 11 39 AM IST
Mumbai: State-run Indian Oil Corp’s share sale will be delayed to the next financial year beginning on 1 April, oil secretary S. Sundareshan said on Monday.
A decision on the share sale of the country’s largest refiner will be taken within three to four months, the company’s chairman had said on Friday, a delay of a few months from earlier expectations.
The sale will be part of a government plan to sell stakes in about 60 state-run firms including explorer Oil and Natural Gas as India moves to cut a stubbornly high fiscal deficit and garner funds to spend on schemes for the poor.
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First Published: Mon, Jan 17 2011. 11 39 AM IST
More Topics: Indian Oil | Share Sale | IOC | Sundareshan | Markets |