Oil min approves 10% stake sale in Oil India: source

The oil ministry has approved sale of a 10 percent stake in state-run explorer Oil India, a source at the ministry said on Friday.

The government owns 78.4 percent of Oil India.

“We have approved the disinvestment ministry’s proposal for a share sale in Oil India,” the source said, on condition of anonymity.

The source said the share sale will take place after a similar sale of shares in state-owned explorer Oil and Natural Gas Corp. The ONGC share sale is unlikely to take place before March 31, 2012. It has been postponed several times because of poor market conditions.

Reuters