Govt not keen on selling stakes in ONGC, IOC, OIL: Sources

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Govt not keen on selling stakes in ONGC, IOC, OIL: Sources

The government is of the view selling stakes in oil majors ONGC and IOC may not be a prudent move now, NewsWire18 reports quoting a source in the Oil Ministry. Additionally, the Divestment Secretary has told the Oil Secretary the ministry cannot consider a FPO for Oil India.

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RELATED NEWS SAIL FPO may not happen this year Divestment dept seeks info of cos that qualify for sell-off Govt to divest stake in 3 firms by March 2010

The government is of the view that selling stakes in oil majors Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC) may not be a prudent move now, NewsWire18 reports quoting a source in the Oil Ministry.

Additionally, the Divestment Secretary has told the Oil Secretary the ministry cannot consider a follow-on public offer (FPO) for Oil India Limited (OIL) at this juncture.

The government has been aggressive on its divestment agenda and has lined up several state-owned companies to disinvest stake via IPOs and FPOs. These companies include NTPC, NMDC, SAIL, REC among others.