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Though no decision has been taken as yet, the company would do it in a staggered manner and utilise the proceeds for retiring high cost debt and capital expenditure. "We have not taken any decision as yet about the sale of our cross holdings in the two energy sector PSUs and will decide after consultations with the Government and oil companies,'' the IOC Chairman, M. S. Ramchandran, told reporters here. The IOC's stake in ONGC was just under 10 per cent and GAIL 5 per cent and the market would not be able to absorb such a huge amount, given that the market value of IOC's stake in ONGC alone would be in the range of Rs. 10,000 crores. "It will be done with a careful planning and through a combination of retail and GDR,'' he said. Offloading of stake would be timed in such a manner that it would not hamper the share value, Mr. Ramchandran said adding, if the stake was diluted now the company would use it for retiring high cost debts. "It will be timed in a way it will meet the capital expenditure required and achieve a preferred debt equity ratio,'' he said. The IOC might not require the whole but some of the proceeds from the sale for its future plans, he said adding that the company would go about the process in a staggered manner. PTI
Mauritius operations
Our Mumbai Correspondent writes IndianOil plans to commence its operations shortly in Mauritius where its terminalling facilities are almost complete and scheduled for inauguration by February 2004. Mr. Ramachandran, said, "We will also be setting up 25 petrol stations in all and the retail operations in Mauritius are scheduled to commence by mid 2004.''
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