Kolkata, Sept 03: The Centre will sell 26 per cent of its stake in oil marketing PSU IBP and Company Limited to the general public, its chairman M S Ramachandran said here today. Speaking at the annual general meeting of the company here, Ramachandran said the government had decided not to sell the 26 per cent stake holding to the IOC, but to the general public after exercising the put option at the end of the first year.
IOC holds 53 per cent stake in the IBP and Company Limited.
He said the modalities of the sale whether through private placement or the book building route, would be decided by the government.
Ramachandran said the company would go for a massive expansion of retail outlets in the coming years, which would be funded from the reserve.
Currently, sales of the company were down, but were expected to pick up shortly, he said, adding that during the April-June period, the company posted a net profit of Rs 32 crore as compared to Rs 12 crore in the previous quarter. Bureau Report