New Delhi, Oct 07: Government is exploring three options including sale of stake in Indian Oil Corporation (IOC), as part of its efforts to break the logjam created by Supreme Court ruling halting privatisation of HPCL and BPCL. "Taking parliamentary approval (for a bill to privatise nationalised companies), seek review or clarification on SC ruling and explore if IOC can be divested," Petroleum Minister Ram Naik said detailing the options before the government.

All three options will be simultaneously discussed and a recommendation made to the cabinet within three months.

Refusing to give any further details, Naik said no decision on splitting IOC into retailing and refining companies have been taken.
"IOC is a fortune 500 company and very important entity for the country. A decision (to this effect) can only be taken after elaborate discussions," he said.

He also denied that there was any proposal to sell IOC's 15-20 per cent equity in market.

Bureau Report