Oil India May Sell Shares to Public, Refiners by September

Oil India Ltd., the second-biggest state-run energy explorer, may sell shares in an initial public offer by September. The federal government will sell another 10 percent to state-run refiners, including OIL India.

India will sell stakes in companies as promised by the ruling Congress party’s election manifesto, Palaniappan Chidambaram, who was in charge of finance and home in Singh’s previous administration, said on May 18. Singh, the first prime minister to win re-election after serving a full term since 1971, doesn’t need the support of Communist lawmakers who oppose the sale of the government’s stake in companies.

The explorer has started discussions with bankers, including HSBC Securities & Capital Markets, JM Financial Ltd., Citigroup Global Market India Pvt. Ltd. and Morgan Stanley India Pvt., to complete the share sale plans.