Indian Oil Corp plans USD800 million share sale

By VCPOST Staff Reporter

Nov 10, 2013 11:03 PM EST

India planned to sell 10% of its stake in Indian Oil Corp. That would amount to USD800 million, two sources familiar with the matter said.

The sources said India will also launch investor roadshows in the US, which would start on November 12. This decision can be difficult because state oil retailers can lose money because of state-capped rates for the sale of their products, such as kerosene, diesel, and cooking oil, the Reuters' report said.

India's Department of Disinvestment (DoD) overseen share sales in government companies. It had completed most of its roadshows abroad for the sale of a 5% stake in Coal India, a state mining company. This deal could be worth USD1.5 billion, the sources explained to Reuters.

Both of the sources refused to be named because of the sensitivity of the issue. Officials at the Dod, Coal India, and Indian Oil have not yet given their comment about this report, Reuters said.

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