ONGC FPO on schedule, says oil secy

Jan 22, 2011 |

Correspondent

The government plans to raise `13,000
crore through sale of 5 per cent stake in Oil and
Natural Gas Corp (ONGC) as planned in March this year, the oil secretary, Mr S. Sundareshan, said on Friday. “There is absolutely no reason to believe
that the follow-on public offer (FPO) is not taking place this fiscal. It is proceeding as planned according to which the FPO will take place before March end,” he said. His views were endorsed by Mr Sumit Bose, secretary, the
department of disinvestment, which is piloting the sale. “The kick-off meeting will be on January 24. There is no change in the schedule,” Mr Bose
added.

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