Both ministries of disinvestment and petroleum have agreed on sale of 10 per cent each in Indian Oil Corp, Gail and ONGC, but differ on who should bring it up for Cabinet approval.The idea was first mooted by the petroleum ministry in mid-November. In the concept paper on disinvestment in IOC, it suggested that the government either sell 20 per cent in IOC to raise Rs 9,000 crore or 10 per cent each in IOC, Gail and ONGC to garner Rs 15,000 crore.The disinvestment ministry, while agreeing to the second proposal, said that it should be ‘considered on its own merits’ and a public offer through book building be considered to meet the shortfall following the Supreme Court judgment on HPCL it said that the proposal should not be clubbed with the decision of the Cabinet Committee on Disinvestment (CCD) which had asked both ministries to explore modalities for disinvestment of the marketing arm of IOC.The share sale in the three firms should not be taken in the context of the CCD decision or it would tantamount to taking a view on the executive decision, it added.Instead, it suggested that the oil ministry obtain a decision on the share sale and authorise disinvestment ministry to follow it up. It also suggested that some procedures be cut short to expedite the disinvestments. However, the advisory failed to cut much ice with the oil ministry which wants the share sale be piloted by disinvesment.‘‘This is clearly a matter of disinvestment of government equity in public sector undertakings which comes under the purview of disinvestment ministry. Therefore, disinvesment ministry may prepare appropriate proposal on the matter,’’ said a letter from Petroleum Secretary B.K. Chaturvedi. The two are still to finalise as to who should get the Cabinet approval.
