India approves 10% IOC stake sale to state oil firms

A panel of Indian ministers has approved the sale of a 10% stake in state refiner Indian Oil Corp. (IOC) to two state exploration firms, Reuters said. The move will help India’s government raise funds to narrow its budget deficit. Oil and Natural Gas Corp. Ltd. and Oil India Ltd. will buy the stake, Oil Secretary Vivek Rae said, with the transaction likely within the next week or so.

The deal will be through a block deal on the stock exchanges, Oil Minister Veerappa Moily told reporters. Reuters reported that Rae said the Indian government, which has a 79% stake in IOC, expects to garner between 48 billion to 50 billion rupees ($812 million).

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