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The Empowered Group of Ministers today decided to exercise the option of pursuing the auction route for disinvestment in ONGC and BHEL.
The EGoM will soon meet to decide on other issues such as pricing and timeline, the Union Petroleum Minister, Mr Jaipal Reddy, told reporters here.
The proposal before the EGoM was stake sale of 5 per cent in India's largest oil explorer. The auction route implies the Government may go for offer for sale through stock exchanges.
Later, the Disinvestment Secretary, Mr Haleem Khan, said the EGoM has, in general, approved opting for the auction route in respect of those issues where follow-on public offering has already been approved by the Cabinet.
He, however, declined to comment on timelines for BHEL and ONGC stating that EGoM will soon meet to decide on these issues.
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