Government considering disinvestment in ONGC, IOC

New Delhi, July 15 (IANS) Petroleum Secretary S. Sundareshan Thursday indicated that the government was looking at offloading some of its share in ONGC and Indian Oil Corporation.

‘Absolutely. It is an interesting idea and we are looking into that,’ Sundareshan told CNBC TV-18 in an interview, answering a query.

The Indian government holds 80.35 percent stake in state refiner, Indian Oil and 74.14 percent share in the state explorer, ONGC.

However, he ruled out similar disinvestment in other state oil and gas companies.

‘But as I have already said the scope for this doesn’t exist in the case of HPCL, BPCL or GAIL where the holding of the government in any case is 51-57 percent, these are interesting ideas in the case of ONGC and Indian Oil and we are looking into this,’ said Sundareshan.

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