The government has cleared nod to sell 10% stake in Oil India, which is likely to raise around 30bn, according to reports.
"The proposal has been cleared by the empowered group of ministers (EGoM) and disinvestment will take place on February 1 through offer for sale (OFS) route," petroleum secretary GC Chaturvedi was quoted as saying.
The government's stake in the company will fall from 78.43% to 68.43% after the disinvestment, report said.
Last week, EGoM had deferred its decision on OIL stake sale.
India Infoline Research Team / 15:28, Mar 13, 2015
Markets are now reinforcing the perception of an early interest rate hike by US Federal Reserve, with consensus calling for the hike taking place in June, when compared with the prior expectations of a hike in September.