EGoM approved the decision to sale of 10% stake in IOC to ONGC and OIL

Empowered Group of Ministers (EGoM) approved on 16 January 2014, the sale of 10 percent government stake in Indian Oil Corporation (IOC) to Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL).

Important to note :

• Empowered Group of Ministers was headed by Union Minister of Finance P Chidambram.
• Union Government of India holds 78.92 percent stake in IOC whereas ONGC already holds 8.77 per cent stake in IOC.