Only a combined IOC-ONGC entity can stake a claim to be a global player and compete with the oil behemoths
Privatisation of the energy sector is a means to an end - the establishment of a free, fair and competitive energy market in India.
It must meet the objectives of all stakeholders - consumers, companies, employees and owners (government and minority shareholders).
The government may have several options within the three broad categories - executive, judicial and legislative - but there is only one objective.
The executive option: The split of Indian Oil Corp (IOC) and the subsequent privatisation of its parts.
The option must be seen in the context of three related objectives - (a) establishment of a competitive market (market objective), (b) enhancement of IOC's operations (company
