Govt plans to sell 5-10 per cent stake in ONGC

Tags: Companies
Government plans to sell a 5 to 10 per cent stake in state-run energy explorer Oil and Natural Gas Corp in a deal that could fetch it as much as 350 billion rupees ($5.84 billion) at current market price, a business daily newspaper reported on Tuesday.

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)

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • With RBI’s role diluted, we are moving closer towards a super regulator

    The government and the Reserve Bank of India (RBI) have signed a monetary policy framework agreement last month under which RBI will be committed to b

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

The making of a digital Bharat

Exactly 20 years ago, Nicholas Negroponte of MIT Media Labs ...

Rajgopal Nidamboor

The eternal radiance of our being

We sense, we sight, we smell, we touch, we hear, ...

Shona Adhikari

Art world celebrates two ‘new’ Cezannes

The focus moves once more to post-impressionist Paul Cezanne, who ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture