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Oil India IPO likely by Sept

The much awaited initial public offering (IPO) of Oil India Ltd (OIL) is likely to hit the markets by September.

business Updated: Jun 02, 2009 21:20 IST
HT Correspondent

The much awaited initial public offering (IPO) of Oil India Ltd (OIL) is likely to hit the markets by September.

According to the petroleum secretary RS Pandey, “We expect an initial public offering of Oil India by September.”
Besides OIL, the government is also planning to sell stake in a few other state-run entities to raise resources to fund infrastructure projects.

In the interim budget, the government had calculated that it would generate Rs1,120 crore from disinvestment.

Ruling out disinvestment in other state-owned oil giants, Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC), Pandey said, “There is no plan to divest stake in IOC and ONGC.”

However, he said the OIL’s disinvestment had been in the pipeline for a long time, but was postponed repeatedly due to adverse market conditions.

OIL chairman NM Borah said the company board had been informed of a roadmap for the IPO.