ONGC to buy back its equity from IOC, GAIL

By agencies   |   Monday, 28 November 2005, 08:00 Hrs
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NEW DELHI: Oil and Natural Gas Corporation (ONGC) said that it was willing to buyback its equity, which is with Indian Oil Corporation (IOC) and Gas Authority of India Ltd GAIL (India) Ltd. However, they clearly stated that it had no immediate plans to offload the shares it holds in IOC and GAIL.

Announcing this the ONGC Chairman and Managing Director, Subir Raha said, “At the moment we have no plan to divest our holdings in IOC or GAIL. We have already proposed to buyback ONGC stake in IOC,” he said. The Union Cabinet has allowed offloading cross holding of shares in each other by IOC, ONGC and GAIL. While IOC holds 9.61 percent, GAIL holds 2.4 percent stake in ONGC.

Speaking on the issue, the IOC Chairman, Sarthak Behuria, said that the company wanted to sell its holding in ONGC and GAIL in trenches but the timing would be decided in consultation with the Petroleum Ministry. “It will be done in trenches as we do not need the money now,” he added.

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