Not the right time for FPOs: Govt

The government is not considering selling equity in Indian Oil Corp IOC and Oil and Natural Gas Corp ONGC,Petroleum Secretary S Sundareshan said on Wednesday.

“There is no serious consideration on follow-on public offerings in IOC and ONGC at this juncture,” he said.

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Both IOC and ONGC are not in favour of raising money through equity route as valuations are being impacted due to uncertain fuel pricing policy.

Also,market conditions were not right for FPOs. “These are not the correct market time for FPOs,” he said.