At current rates, the unlocking of cross-holdings is expected to fetch more than Rs 14,000 crore for the oil companies.
The petroleum ministry is learnt to have said that in the current decontrolled scenario, cross-holdings have no utility and should be offloaded in the market, which is buoyant at present.
The revenue from the move will go to the individual companies and not to the exchequer. The petroleum ministry said the move would improve the liquidity position of these companies.
Normally, Navratna companies do not need the Cabinet
