Modi govt may give up controlling stake in oil giants


Modi govt may give up controlling stake in oil giants

In a major decision, the central government is likely to give up controlling stakes in most-profitable state-run behemoths. The centre is seriously planning to spur economic development and maintain its fiscal deficit target.

Government has identified one of India’s best-performing oil companies including Oil & Natural Gas Corp., Indian Oil Corp., NTPC Ltd. and GAIL India Ltd. for shedding its direct control to below 51 per cent, Bloomberg reported.

Department of Investment and Public Asset Management Secretary Atanu Chakraborty said, “Government’s indirect holding, through arms such as Life Insurance Corp. of India, will stay above 51 per cent.” Read More

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