Decision on ONGC FPO soon

The long-pending follow-on public offer (FPO) of ONGC may finally see the light of day.

CNBC-TV18 has learnt that the department of disinvestment and ONGC had called on a meeting to discuss the FPO. A general lack of investor sentiment alongside a tricky business environment had led the proposed Rs 11,500 crore FPO to be continuously postponed.

Sources reveal that no decision has been arrived at as yet on the FPO, but a final decision is likely later this week.

The government could possibly be pushing up the pending FPOs in its efforts to meet the disinvestment target set for the fiscal at Rs 40000 crore. However, FIIs do not seem too enthused about the India growth story due to the various scams being unearthed and the inertia with respect to government policies. Experts say that India will most likely miss its targets this year, with regard to disinvestment and fiscal deficit, correspondingly.