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This is an archive article published on March 10, 2010

Not the right time for FPOs: Govt

The govt is not considering selling equity in Indian Oil Corp and Oil and Natural Gas Corp.

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The government is not considering selling equity in Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC),Petroleum Secretary S Sundareshan said on Wednesday.

“There is no serious consideration (on follow-on public offerings in IOC and ONGC) at this juncture,” he said.

Both IOC and ONGC are not in favour of raising money through equity route as valuations are being impacted due to uncertain fuel pricing policy.

Also,market conditions were not right for FPOs. “(These are) not the correct market time for FPOs,” he said.

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