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Govt expects Rs 18,737 cr from ONGC, IOC share sale

27 Oct 10 10:09 AM
Money Control
After a stellar performance from Coal India IPO, the government is considering to dilute 5% in India's largest PSU oil & gas exploration company ONGC via a follow-on public offer. The ONGC FPO is likley to take place in the financial year 2010-11.

The government will also start the process for appointing bankers for a share sale in state-run refiner Indian Oil Corp within a few weeks, divestment secretary Sumit Bose had recently announced. The government expects Rs 10,790 crore from ONGC FPO and Rs 7,947 crore from IOC share sale. A draft Cabinet note has already been circulated for these follow-on offers.

The government also said India's refining capacity would reach 241 mtpa by March 2012. In the first half of FY10, domestic crude oil production was up by 10%. Total overseas investment plans of oil PSUs stand at Rs 59,000 crore. It is estimated that Cairn India's production will rise to 1.75 lakh bopd by 2011