News Business Government clears proposal to sell 10% stake in Oil India

Government clears proposal to sell 10% stake in Oil India

New Delhi, Jan 31: The Central Government will offload its 10 per cent equity in Oil India Ltd (OIL) on Friday.The decision was taken at a meeting of the Empowered Group of Ministers, headed by

government clears proposal to sell 10 stake in oil india government clears proposal to sell 10 stake in oil india
New Delhi, Jan 31: The Central Government will offload its 10 per cent equity in Oil India Ltd (OIL) on Friday.



The decision was taken at a meeting of the Empowered Group of Ministers, headed by Finance Minister P. Chidambaram on Wednesday.

“Proposal has been cleared. Disinvestment will take place on February 1 through the offer for sale route. Roughly we will raise Rs.2,500-3,000 crore,” Petroleum Secretary G. C. Chaturvedi said.

“Price has been determined. It has been communicated to stock exchanges,” Petroleum Minister Veerappa Moily told reporters after the EGoM meeting.

Latest Business News