Government Plans to Sell 5-10 Per Cent Stake in ONGC: Report
The government plans to sell a 5 to 10 per cent stake in state-run energy explorer Oil and Natural Gas Corp (ONGC) in a deal that could fetch it as much as Rs 35,000 crore ($5.84 billion) at current market price, a newspaper reported on Tuesday.
The Finance Ministry had suggested a 5 per cent stake sale in ONGC in a draft proposal to a cabinet panel, the newspaper said. It also said it was not clear how much stake the government would eventually put on sale.
The process of hiring bankers would be started soon, the report cited an unnamed government official as saying. The government owns nearly 69 per cent of ONGC.
An ONGC spokesman was not immediately available for comment.
Prime Minister Narendra Modi's government is expected to announce plans for up to a record $11.7 billion of stake sales in state-run firms in its maiden budget on Thursday, as it looks to bolster state finances.
($1 = 59.9150 rupees)
Copyright @ Thomson Reuters 2014
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