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'Sale of IndianOil, ONGC, GAIL crossholding shares to raise funds'
Tuesday, 09 December 2003, 20:30 IST
NEW DELHI: The plan to sell crossholding shares of state-owned oil and gas majors will help raise funds for paying off loans, Petroleum Minister Ram Naik said here Tuesday.
"The Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IndianOil) and GAIL (India) Limited have proposed to sell cross-holding shares to realise the value of investment in these shares, to mobilise resources for funding projects and pay off loans," Naik informed Rajya Sabha, the upper house of parliament, in a written reply.
"The likely amount to be raised will depend on the method of offloading and the market price prevailing at the time of offloading. The proposals are under consideration of the government," Naik said.
Replying to supplementary questions, Naik said during the 10th Plan period from 2002-07, ONGC is expected to require about 
330 billion, IndianOil about 240 billion and GAIL about Rs 84 billion for various purposes.
The minister informed the house that the total outstanding borrowings by these companies as on September 30 stood at 2.75 billion in the case of ONGC, 15.27 billion for GAIL and 68.54 billion for IndianOil.
The borrowings of Chennai Petroleum Corporation Limited, a subsidiary of IndianOil, amounted to 19.09 billion and that of Bharat Petroleum Corporation Ltd was 8.9 billion.
Source: IANS
330 billion, IndianOil about 240 billion and GAIL about Rs 84 billion for various purposes.
The minister informed the house that the total outstanding borrowings by these companies as on September 30 stood at 2.75 billion in the case of ONGC, 15.27 billion for GAIL and 68.54 billion for IndianOil.
The borrowings of Chennai Petroleum Corporation Limited, a subsidiary of IndianOil, amounted to 19.09 billion and that of Bharat Petroleum Corporation Ltd was 8.9 billion.
Source: IANS