India to sell 10% stake in IOC

Indian Oil Corp. (IOC), Indias second-biggest refiner, may raise a further Rs100 billion (US$2.2 billion) by selling fresh equity to help it fund a new crude oil processing plant it is building, Oil Secretary S. Sundareshan said. Earlier, the Indian government firmed up plans to sell its 10% stake in IOC and a 5% stake in Oil and Natural Gas Corp. Ltd. (ONGC). The plan is to complete the disinvestments before the end of the fiscal year, Sundareshan said. It will be Indian Oil followed by ONGC. In the last quarter, hopefully, he said. Prime Minister Manmohan Singh wants to raise Rs400 billion (US$8.7 billion) from asset sales in the year ending March 31 to help fund the construction of roads, ports, hospitals and schools. (September 11, 2010)