Govt meeting bankers to discuss share sale in ONGC: Source

The government is meeting bankers on Monday to discuss a planned share sale in state-run ONGC as it deems the time is right to sell stakes in oil firms following freeing up of diesel pricing, a senior finance ministry official said.

New Delhi on Saturday lifted diesel price controls and raised the cost of natural gas, giving market forces greater sway as it seeks to attract energy investment, boost competition and cut subsidy costs.

The official, who declined to named, also told reporters the government is looking to push a bill that intends to raise foreign investment limit in the insurance sector in the next session of parliament.