Government today asserted that the Follow-on public offer in ONGC will be taken on board before the end of this fiscal. The offer provides for 5 per cent divestment in the public sector undertaking. This is part of the disinvestment process started by the government. However, the decision on Indian Oil Corporation has been deferred for the next fiscal. Talking to reporters in New Delhi, Oil Secretary S. Sundareshan said that the issue of under-recoveries of Oil Marketing Companies will be fully addressed on the basis of burden-sharing mechanism.He assured that the upstream companies will not be sharing more than 30 per cent of the burden. In response to a question, he said government will not hesitate to share more than one third of the under-recoveries.
News On AIR | December 30, 2010 1:36 PM
Follow-on public offer in ONGC will be taken on board before end of this fiscal