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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

PTI Updated on: January 31, 2013 11:01 IST
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.
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