IOC Sells Interest in ONGC and GAIL

Indian Oil Corporation is likely to earn more than US $500 million by selling its minority stakes ONGC and GAIL in next couple of months. "The Navaratna Board of IOC, on May 17, gave an in-principal approval for sale of 9.61 percent equity shares in ONGC and 4.8 per cent in GAIL. We are yet to work out the method and details," highly placed company sources said.

IOC had in 1999 acquired 9.6 percent government shareholding in ONGC and 4.8 percent government equity in GAIL as part of cross-holding scheme formulated by the then finance secretary Vijay Kelkar.