(ET)
The government is considering a plan to sell shares worth $2 billion in Oil and Natural Gas Corp , Indian Oil Corp (IOC) and Oil India Ltd (OIL) to help meet this year’s divestment target, according to people familiar with the matter.
This would be on top of the proceeds generated from a likely Rs 10,000-crore share buyback by these companies. The finance ministry is planning the mix of share sales and buybacks by state oil companies with about a fourth of the Rs 80,000-crore asset-disposal target having been met thus far, said the people. The government is considering the sale of about 5 per cent equity stake in ONGC, 3 per cent in Indian Oil and 10 per cent in Oil India, people with knowledge of the matter said, cautioning that the quantum could vary by the time the government launches offers for sale.
