Oil ministry approves share sale in Oil India: Source

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Oil ministry approves share sale in Oil India: Source

The oil ministry has approved sale of a 10% stake in state-run explorer Oil India, a source at the ministry said on Friday.

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The oil ministry has approved sale of a 10% stake in state-run explorer Oil India , a source at the ministry said on Friday.

The government owns 78.4% of Oil India.

"We have approved the disinvestment ministry's proposal for a share sale in Oil India," the source said, on condition of anonymity.

The source said the share sale will take place after a similar sale of shares in state-owned explorer Oil and Natural Gas Corp . The ONGC share sale is unlikely to take palce before March 31, 2012. It has been postponed several times because of poor market conditions.