The Cabinet Committee on Economic Affairs (CCEA) has given a nod to the proposal for sale of 10% government stake in Indian Oil Corporation (IOC), which may fetch the exchequer a sum of around Rs 3,750 crore at the current market price.
The government holds a 78.92% stake in IOC. The Disinvestment Department has already selected five merchant bankers -- Citibank, HSBC, UBS Securities, SBI Capital and J M Financial -- to manage the stake sale of the oil major. Further, the final price of offer-for-sale will be determined by the Empowered Group of Ministers.
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.