Govt may sell Tide Water Oil to ONGC

The government is in favour of selling Andrew Yule's 26.22% stake in Tide Water Oil Company to Oil and Natural Gas Corporation (ONGC).

"ONGC has already done due diligence for the company," heavy industry minister Santosh Mohen Dev said today.

Tide Water Oil, which makes lubricants, is a subsidiary of Andrew Yule and Company, which is into industrial equipment and tea.

The stake sale in Tide Water is part of the overall plan of reviving Andrew Yule, which is expected to cost around Rs 170 crore. "The revival plan has to be approved by the Board for Reconstruction of Public Enterprises," Dev said.

The sale of 26.22% in Tide Water would fetch the government around Rs 37.6 crore based on the current price of Rs 1,650 per share.