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No plans to sell stake in ONGC, IOC: Govt

Source: PTI
March 10, 2010 12:03 IST
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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 told reporters here. 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.

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