Govt clears IOC, BHEL stake sale; to get Rs 7k cr

The government today cleared disinvestment in two bluechip state-owned companies IOC and Bharat Heavy Electricals (BHEL), which would fetch over Rs 7,300 crore to the exchequer in this financial year.

The decision to go ahead with stake sale of 10 per cent in IOC and 5 per cent in Bhel was taken by the Empowered Group of Ministers on disinvestment, headed by Finance Minister P Chidambaram.

No timeline for the stake sales, however, have been decided as yet, sources said.
The government will be selling 10 per cent stake in Indian Oil Corporation (IOC) to state run ONGC and OIL at a discount of 10 per cent, which would fetch about Rs 5,300 crore to the exchequer.

The sale of 10 per cent stake or 24.27 crore shares will be through an off-market transaction, with ONGC and Oil India Ltd (OIL) buying 5 per cent stake each.

“The two companies (ONGC and OIL) will now work out the deal and the stake sale will happen very shortly. It should be happening in next few days. The government advises the board and the two boards will meet and decide. It will be an off-market deal,” Oil Secretary Vivek Rae said.

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