The government plans to divest its stake in Oil India Ltd and might move a Cabinet note next month, a top official said.
“We have to get it ready,” Petroleum Secretary M S Srinivasan said on the sidelines of a function.
He said the petroleum ministry is preparing a proposal in consultation with other ministries, including Finance Ministry, and would move a cabinet note by end of next month.
“We are preparing a proposal in consultation with other ministeries, Srinivasan said, adding it could take one month.
He did not say how much stake the government planned to offload in the company.
Oil India is the only major state-run company under the Petroleum Ministry that has not been listed on the bourses. Other companies such as ONGC, IOC, BPCL, HPCL and Engineers India Ltd are already listed on the stock exchanges.