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India to sell 10% stake in state-owned Indian Oil

by ChemOrbis Editorial Team -
  • 24/08/2015 (16:02)
According to media reports, the Indian government is planning to sell a 10% stake in the largest state-owned refiner, Indian Oil Corp., in accordance with a federal asset sale plan by the government. The 242.8 million shares the government is planning to sell have a total value of around 95.9 billion rupees ($ 1.45 billion) based on closing share prices in Mumbai on Friday.

Weakening crude oil prices and the removal of government control over automotive fuel prices have led refiners in India, including Indian Oil, to return to profit in the second quarter of 2015.
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