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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 / 14:59, May 20, 2015
GPIL reported 13.5% yoy decline in operating profit as the impact of higher volumes was offset by lower product prices