Indian Oil Corporation’s divestment likely on January 9

The finance ministry is likely to go ahead with the disinvestment of Indian Oil Corporation (IOC) on January 9, 2014. In this regard, the interministerial group may meet on the company’s divestment on Jan 7. Moreover, EGom on IOC’s OFS pricing is being convened on January 8. The oil ministry has still not given concurrence on the company’s divestment.

The government is planning to divest 10% stake in the company via open offer of sale. As on September 30, 2013, the promoters’ holding in the company stood at 78.92% while institutions and non-institutions held 6.56% and 14.52% stake in the company, respectively.

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.