Govt against selling Tide Water stake to ONGC
The government has decided to call off the sale of its stake in auto lubricants maker Tide Water Oil to Oil and Natural Gas Corporation.
By PTI |
NEW DELHI: The government has decided to call off the sale of its stake in auto lubricants maker Tide Water Oil to Oil and Natural Gas Corporation.
ONGC had done due diligence for the company, which is a subsidiary of state-owned Andrew Yule, but its offer of Rs 50 crore was around half of what the government would get from the market, Heavy Industries Minister Santosh Mohan Deb told reporters here.
"Now, the government share in the company would be sold through open auction in the next two-three months," he said. The sale of government equity in Tide Water is part of a plan to revive its parent company Andrew Yule.
Apart from its lubricant business, Andrew Yule would also shed its electronic business. Deb said Andrew Yule would focus on its tea business.
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