Cabinet approves disinvestment of 10 percent paid-up equity in IOCL

New Delhi, Aug 2 (ANI): The Cabinet Committee on Economic Affairs (CCEA) in accordance with the Government of India's disinvestment policy has approved the disinvestment of 10 percent paid-up equity in the Indian Oil Corporation Limited (IOCL) out of its equity capital holding of 78.92 percent.

The disinvestment will be through Offer for Sale (OFS) method in the domestic market according to the SEBI rules and regulations. After this disinvestment the Government of India shareholding in the company would come down to 68.92 percent.

The paid up equity capital of the company, as on March 31, 2013 was Rs. 2,428 crore. The Government of India holds 78.92 percent of the paid up capital in IOCL.

The IOCL is a "Maharatna" Public Sector Undertaking under the administrative control of the Ministry of Petroleum and Natural Gas. It is the highest ranked Indian corporate in the prestigious Fortune 'Global 500' listing with a ranking of 83 for the year 2012.

The IOCL is primarily engaged in refining, transportation and marketing of petroleum products and petrochemicals with an installed refining capacity of 54.2 million metric tonnes.

It has a pipeline network over 11,000 kilometers and marketing infrastructure of over 39,000 customer touch points. IOCL is also now venturing into exploration and production of crude oil and distribution of natural gas. (ANI)

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