Deals
India Mulls Cutting Stake in Indian Oil to Below 51%
- State-run companies, government to remain biggest shareholders
- India plans to use exchange-traded fund for cut IOC stake
Indian Oil operations in Navi Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India plans to reduce its stake in Indian Oil Corp. to below 51% while ensuring the government and state-run companies retain control of the nation’s largest oil refiner, people with knowledge of the matter said.
Prime Minister Narendra Modi’s cabinet will consider, as early as next week, a proposal to sell shares in some companies, including Indian Oil, to below 51%, the people said, asking not to be identified as the plan is not public. India directly holds 51.5% in Indian Oil, and another 25.9% through state-run Life Insurance Corp. of India, and explorers Oil & Natural Gas Corp. and Oil India Ltd.