The Central Government will offload its 10 per cent equity in Oil India Ltd (OIL) on Friday.

The decision was taken at a meeting of the Empowered Group of Ministers, headed by Finance Minister P. Chidambaram on Wednesday.

“Proposal has been cleared. Disinvestment will take place on February 1 through the offer for sale route. Roughly we will raise Rs.2,500-3,000 crore,” Petroleum Secretary G. C. Chaturvedi said.

“Price has been determined. It has been communicated to stock exchanges,” Petroleum Minister Veerappa Moily told reporters after the EGoM meeting.