The Government of India plans to offload 5-10% stake in five companies, including Indian Oil Corporation (IOC), Engineers India (EIL) and BHEL, in order to achieve disinvestment target of Rs 40,000 crore in the current fiscal. The government has approved disinvestment of 10% stake each in IOC, Hindustan Aeronautics, Rashtriya Ispat Nigam (RINL) and EIL.
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.