No date yet for IOC selloff, says Sundareshan
New Delhi   17-Dec-2010

The government has not yet fixed any timeline for the public offering of IndianOil (IOC), even as the share sale of Oil and Natural Gas Corp (ONGC) is likely by March 2011, Oil Secretary S Sundareshan said on Thursday. "There is no question of deferring or postponing (of the follow-on public offer of IOC) as no decision on timing of the FPO had ever been taken," he said. IOC had last month appointed six merchant bankers for the sale of 10% equity shares in the FPO that its Chairman BM Bansal said was planned for 3rd or 4th week of January. "Approval for IOC divestment are not yet in place. The Cabinet has not yet approved the sale. Only after that can timing and other criteria can be fixed," Sundareshan said.