Financial Daily from THE HINDU group of publications
Friday, Nov 25, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 25, 2005 |
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Government
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Policy Industry & Economy - Petroleum CCEA nod for offloading of cross-holdings among oil majors Our Bureau
New Delhi , Nov. 24 THE Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the untangling of cross holdings between IOC, ONGC and GAIL (India). The Finance Minister, Mr P. Chidambaram, told reporters that the amount and the quantity would be decided jointly by the Finance Ministry and the Ministry of Petroleum and Natural Gas. He said through forward and backward integration the companies were competing with each other and hence, earlier justification for cross-holding are not valid. IOC has a 9.6 per cent stake in ONGC and a 4.8 per cent stake in GAIL.
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