Question mark on ONGC disinvestment in FY12: Sources

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Question mark on ONGC disinvestment in FY12: Sources

After repeated failed attempts at disinvestment, once again the finance ministry has postponed taking a decision on ONGC and sources tell CNBC-TV18 that the divestment is unlikely now.

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There is a question mark once again on the ONGC divestment. After repeated failed attempts at disinvestment, once again the finance ministry has postponed taking a decision on ONGC and sources tell CNBC-TV18 that the divestment is unlikely now.

The finance ministry officials say they need time to examine the SEBI guidelines on auctions before taking a decision. Sources say the SEBI guidelines don't allow pricing to be secret in auctions. There is also lack of clarity on other issues such as whether selective marketing will be allowed.

The BHEL divestment was also to be discussed but was not taken up since the department of heavy industries is not keen to go ahead with the divestment in current market conditions.

Sources say bankers advising ONGC are keen that FII be mobilised through advisors.