Govt plans to sell 5-10 per cent stake in ONGC
Jul 08 2014 , Mumbai
The newspaper said the finance ministry had suggested a 5 percent stake sale in ONGC in a draft proposal to a cabinet panel. The paper said it was not clear how much stake the government would eventually put on sale.
It cited an unnamed government official as saying the process of hiring bankers would be started soon. The government owns nearly 69 percent of ONGC.
An ONGC spokesman was not immediately available for comment.
Prime Minister Narendra Modi's government is expected to announce plans for up to a record $11.7 billion of stake sales in state-run firms in its maiden budget on Thursday, as it looks to bolster state finances.
($1 = 59.9150 rupees)