India plans to divest stake in Oil India Ltd

Jun 20, 2007 02:00 AM

The government plans to divest its stake in Oil India Ltd (OIL) and might move a cabinet note in July, a top official said. The petroleum ministry is preparing a proposal in consultation with other ministries, including the finance ministry, and would move a cabinet note by end of in July, petroleum secretary M.S. Srinivasan said on the sidelines of a function.
"We are preparing a proposal in consultation with other ministries, Srinivasan said, adding it could take one month." We have to get it ready," he said.

The government holds a near-full stake of 98.13 % in the company.
Oil India is the only major state-run company under the petroleum ministry that has not been listed on the bourses. Other companies such as ONGC, IOC, BPCL, HPCL and Engineers India are already listed on the stock exchanges.

The company is anticipating to raise around Rs 1,500 crore via an initial public offer (IPO), the proceeds of which could be utilised to fund the expansion plans. The government has budgeted to raise Rs 1,651 crore through stake sales in state-run companies in the fiscal year ending in March 2008.
The government is looking forward to invest Rs 15,000 crore over the next five years on explorations and acquisitions of state-run as well as overseas prospects.

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