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Journalism of Courage
The government may sell 10 per cent of its stake in state explorer Oil India Ltd (OIL) through a public offer next fiscal.
“We have been asked to prepare for the follow-on public offer (FPO),” a company official said.
The government owns 78.4 per cent stake in OIL India.
The stake sale would happen after government’s planned 5 per cent stake sale in state-owned Oil and Natural Gas Corp (ONGC).
ONGC share sale is planned for December.
The much-delayed ONGC share sale was to first happen in March but was postponed several times due to poor market conditions and lingering concerns over government fuel subsidies,part of which are borne by ONGC.
