Centre may ask ONGC, Oil India to buy IOC stake

The government is planning to ask ONGC and Oil India to buy 10% stake in Indian Oil Corporation in order to meet the divestment target for the current financial year.

According to a top petroleum ministry official, a proposal in this regard would be moved to an empowered group of ministers soon.

An EGoM led by finance minister P Chidambaram had deferred a decision on divestment of IOC recently, following stiff opposition from Petroleum Ministry.