The NDA Government has announced that it will sell 10 per cent of its stake in the Indian Oil Corporation (IOC).
The sale can fetch about Rs.9,500 crores to the exchequer.
The IOC said the floor price for the share will be announced today and an offer for sale will take place on Monday.
Presently, the government holds 68.57 per cent shares in IOC, the biggest oil refining and marketing company in the country.
The Indian Oil Corporation Ltd. is India’s largest company by sales with a turnover of Rs. 4,37,526 crores and profits of Rs. 5,273 crores for the year 2014-15.
IOC is ranked 119th among the world’s largest corporates (and first among Indian enterprises) in the prestigious Fortune ‘Global 500’ listing for the year 2015.
Its vision is driven by a group of dynamic leaders who have made it a name to reckon with. Its products include petrol, high speed diesel, Indane Gas, Indian Oil Aviation, petrochemicals, SERVO, bulk and industrial fuels.
The services it offers include refining, marketing, pipeline, technology licensing and training.
The stake sale in IOC will be the fourth disinvestment this fiscal.
The earlier three stake sales had raised over Rs.3,000 crores.
The government is targeting to raise Rs.69,500 crores from disinvestment in the current fiscal.