Govt may sell stake in ONGC, IOC: Sundareshan

Govt may sell stake in ONGC, IOC: Sundareshan

New Delhi: The government may sell stake in Oil and Natural Gas Corp. and Indian Oil Corp., petroleum secretary S. Sundareshan said on Thursday.

“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.