Government to go ahead with ONGC stake sale

The government Wednesday said it will go ahead with off-loading stake in state-run Oil and Natural Gas Corporation (ONGC) this fiscal.

According to Minister for Petroleum and Natural Gas Dharmendra Pradhan, the government will go ahead with the stake sale even as global crude oil prices slump.

Mr. Pradhan told reporters on the sidelines of the India Energy Congress here that the government will factor in market conditions before disinvestment in the state-run company.

Reports suggest that the government plans to off-load five percent stake in the company to raise Rs.17,000-Rs.18,000 crore.

The minister said the government was reworking subsidy-sharing formula for the company which faces the twin-challenge of falling crude oil prices and a rising subsidy burden.