Govt eyes divestment in IOC, SAIL and ONGC in Q1 FY 12

MUMBAI: The government is set to make divestment in Indian Oil Corporation, Steel Authority of India Ltd and ONGC in the first quarter of FY 12, a top government official said here.

"We are looking at divestment in Indian Oil Corporation, Steel Authority of India Ltd and ONGC in the first quarter of FY 12," The Disinvestment Secretary Summit Bose told reporters here.

"We can't do valuation right now," Bose said, when asked on divestment amount to be raised through SAIL, IOC and ONGC.

Bose also said that the divestment target of Rs 40,000 crore will be achieved this fiscal.

"We are raising Rs 40,000 crore through divestment this fiscal. We are now planning to disinvest stakes in Shipping Corporation of India (SCI), Manganese Ore (India) Limited and Hindustan Copper in current fiscal year," Bose said.

SCI will be FPO and Manganese Ore (India) will be IPO, Bose said.