August 6, 2010 7:36 PM

printer

Govt. to sell its 5% stake in ONGC to raise Rs 21,000 crore

The government plans to sell 5 per cent of its stake in Oil and Natural Gas Corp and 10 per cent in Indian Oil Corp (IOC) to raise about Rs. 21,000 crore this fiscal. Petroleum Secretary S Sundareshan said in New Delhi today that a note from Department of Disinvestment has been received to this effect. This has to be approved by the Finance Ministry. He said, post stake sale, the government's shareholding in ONGC will come down to 69.14 per cent from 74.14 per cent currently. In IOC, the twin divestment and stake sale would reduce the government holding from 78.92 per cent to 64.57 per cent.

Most Read
View All arrow-right

No posts found.