Panel decides to auction ONGC shares: Reddy

A panel of ministers has approved a plan to sell shares in state-run refiner Oil and Natural Gas Corporation (ONGC) through an auction, oil minister S Jaipal Reddy said today.

A panel of ministers has approved a plan to sell shares in state-run refiner Oil and Natural Gas Corporation (ONGC) through an auction, oil minister S Jaipal Reddy said on Wednesday.

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Reddy, however, said no timeline has been set for the sale.

The government had deferred ONGC's public offer to raise up to $2.5 billion in October, after tepid response from investors during roadshows amid weak equity markets.

In February last year, India had planned to raise about 400 billion rupees ($8.1 billion) from share sales in state-run companies in this fiscal year that ends in March, but has so far raised only about $250 million.