The Hindu Business Line : Buying stake in HPCL — Ministry asks IOC to send written proposal

WITH the Indian Oil Corporation (IOC) expressing intent to pick up equity stake in Hindustan Petroleum Corporation Ltd (HPCL) or Bharat Petroleum Corporation Ltd, the Petroleum Ministry has asked IOC to send a written proposal, even as the process of getting clearance from Parliament on the disinvestment issue is on.

Talking to mediapersons here after inaugurating the 363 KM HPCL-Petronet Mangalore-Hassan-Banglore pipeline, the Petroleum Minister, Mr Ram Naik, said the IOC Chairman, Mr M.S.Ramachandran, had informally mentioned of IOC's interest in buying stake in the two public sector oil companies recently in Mumbai.

Mr Naik, in turn, asked Mr Ramachandran to ensure that the IOC board deliberate upon it and then send the proposal. However, the Government was working on three options with regard to resolving the imbroglio it entered into following the Supreme Court directive get the Parliament's approval for disinvestment from the companies.

Mr Naik said efforts were on to get a Parliament approval for which it was also holding discussions with the Opposition parties, including the Congress (I) for a consensus and the employees for a viable decision.

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Buying stake in HPCL — Ministry asks IOC to send written proposal