Indian Oil Corporation (IOC) may not sell its stake in Oil and Natural Gas Corporation (ONGC) and Gail (India) by March as originally planned, chairman Sarthak Behuria said today."It is unlikely this fiscal," Behuria said.Behuria said the decision to sell stakes in ONGC and Gail would depend on the extent of subsidy the company gets on LPG and kerosene - bonds issued by the government to compensate for the losses made on the two cooking fuel - and market conditions."We expect to maintain profit at last year's level if we get subsidies and government bonds," Behuria said. IOC has appointed J M Morgan Stanley and Citi Financials as merchant bankers for the sale of its shares in ONGC and Gail. The company board had, in December 2005, approved sale of up to 50% holding in Gail and 20% in ONGC.IOC holds 13.7 crore equity shares or 9.61% stake in ONGC, and 4.08 crore equity shares or 4.83% in Gail.
