Financial Daily from THE HINDU group of publications
Saturday, Nov 26, 2005
Financial Daily from THE HINDU group of publications Saturday, Nov 26, 2005 |
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Corporate
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Buyback Industry & Economy - Petroleum ONGC willing to buy back its equity stake from IOC, GAIL Our Bureau
New Delhi , Nov. 25 OIL and Natural Gas Corporation (ONGC) today said that it was willing to buyback its equity which is with Indian Oil Corporation (IOC) and GAIL (India) Ltd. ONGC, however, clearly stated that it had no immediate plans to offload the shares it holds in IOC and GAIL. Speaking to mediapersons at the sidelines of the Ministerial round table on stability, security and sustainability in the Asian Hydrocarbon Economy, the ONGC Chairman-cum-Managing Director, Mr Subir Raha said, "At the moment we have no plan to divest our holdings in Indian Oil or GAIL." "We have already proposed to buyback ONGC stake in Indian Oil," he said, adding that till now GAIL has not made any offer. The Union Cabinet on Thursday allowed offloading cross holding of shares in each other by Indian Oil, ONGC and GAIL. While IOC holds 9.61 per cent in ONGC, GAIL holds 2.4 per cent stake in ONGC. IOC and ONGC hold 4.83 per cent stake in GAIL, while ONGC holds 9.11 per cent in Indian Oil Corporation. Speaking on the issue, the Indian Oil Chairman, Mr Sarthak Behuria, said that the company wanted to sell its holding in ONGC and GAIL in tranches but the timing would be decided in consultation with the Petroleum Ministry. "It will be done in tranches as we do not need the money now," Mr Behuria said.
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