Govt mulling to cut stake in IOC to below 51 percent

New Delhi: The government may cut its stake to below 51 per cent in the Indian Oil Corporation, ET NOW reported quoting agencies. ET Now in a report said the government is looking to become a minority shareholder in the company. It currently hold 51.5 per cent in the oil major.

 

ONGC is looking to sell its stake in recently-acquired refiner HPCL to a strategic investor, possibly an overseas oil company, to regain debt-free status of the company existing prior to the expensive buy.