The Cabinet has approved reducing the government’s stake in Indian Oil Corporation (IOC) to below 51% while continuing to retain management control. The government currently holds 51.5% in IOC and another 25.9% through state-owned Life Insurance Corporation of India (LIC), and explorers Oil & Natural Gas Corporation (ONGC) and Oil India (OIL) and the government can potentially sell 26.4% for about Rs 33,000 crore.
The management control will continue to be retained with the government after considering equity held by other state-run companies in the divested firm.
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.