EGoM to decide divestment of IOC: Official

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SME Times News Bureau | 12 Dec, 2013
An Empowered Group of Ministers (EGoM) would take the final decision on disinvesting of state-run Indian Oil Corp (IOC), a senior official said Wednesday.

"We have given our comments (to Department of Disinvestment). EGoM would take the final decision," Petroleum Secretary Vivek Rae told reporters here on the sidelines of the Petro India conference, jointly organised by India Energy Forum and the Observer Research Foundation.

The IOC share issue was expected by December, while roadshows were held abroad for sale of 10 percent stake estimated to garner about Rs.4,000 crore.

The roadshows in Hong Kong, Singapore and the US have drawn lukewarm response, while the one planned in Dubai was cancelled.

IOC share prices have fallen nearly 50 percent since the sale idea was first mooted in 2010. The petroleum ministry and IOC have twice approached the finance ministry requesting that the sale offer be put on hold till share prices revived.

The government holds 78.92 percent stake in the oil marketing company.

It has set a total disinvestment target of Rs.40,000 crore for the current fiscal.