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OilMin’s opposition defers IOC stake sale decision

While Moily refused to elaborate on the reasons for the deferment, sources said his ministry had raised concerns over pricing of IOC shares.

New Delhi | Published: January 10, 2014 4:16:20 am

A group of ministers headed by finance minister P Chidambaram on Thursday deferred a decision on disinvestment in Indian Oil Corporation (IOC) following strong opposition to the stake sale by the oil ministry.
“It has been deferred,” oil minister M Veerappa Moily told reporters after the meeting of the empowered group of ministers (EGoM) here.
While Moily refused to elaborate on the reasons for the deferment, sources said his ministry had raised concerns over pricing of IOC shares.
The EGoM may again meet next week, they said. The finance ministry is aiming to garner Rs 4,500 crore by selling 10 per cent (19.16 crore shares) of the government stake in the oil major.
At Thursday’s closing price of Rs 198.95 on BSE, IOC has a market capitalisation of about Rs 48,000 crore. This market cap is after factoring in IOC’s 7.69 per cent holding in ONGC worth over Rs 18,000 crore.

‘Cut likely in bulk diesel price hike’
New Delhi: The government is considering partial rollback of market price of diesel sold to bulk users because those sales have dipped, oil secretary Vivek Rae said. The January 2013 decision to ask bulk users of diesel like the railways and defence to pay market price had led to protests from several state transport utilities.    pti

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