Cabinet committee on economic affairs (CCEA) has approved a 10% stake sale in the country's biggest refiner and fuel retailer, Indian Oil Corporation (IOC). The government currently holds a 68.57% stake in IOC and a 10% stake sale is expected to fetch it around Rs 8,100 crore. The Centre had last divested part of its stake in Indian Oil in March last year.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.