Apply monopoly rule to selloff of other PSUs: IOC

new delhi: indian oil corporation which has been debarred from bidding for government stake in hindustan petroleum corporation and bharat petroleum corporation said on friday that the policy of discouraging monopolistic acquisitions should also apply to other psus up for sale. “ioc has been debarred from bidding for hpcl and bpcl on grounds that if it was successful it would create monopoly in petroleum product retailing market. we respect that policy. but at the same time, this policy should also be applicable to other psus up for disinvestment,� ioc chairman m a pathan told reporters after signing of share purchase and shareholders’ agreement for acquisition of government stake in ibp. though pathan did not specify the psus where the same policy of discouraging monopolistic acquisitions should be applicable, he probably was referring to the sale of 25 per cent equity in indian petrochemical corporation where ioc is pitted against reliance industries. while ioc is making initial forays in petrochemical business, ril is the country’s largest petrochemical company and if it was successful in acquiring ipcl it would control over 80 per cent of the petrochemicals market. pathan said ioc had no intention at any point of time to bid for hpcl and bpcl. “we want competition in market so that consumer gains. and this is possible only if other big names enter marketing of petroleum products,� he said.