Govt set to meet bankers to discuss ONGC stake sale

The government is set to meet bankers on Monday to discuss a planned share sale in state-owned Oil and Natural Gas Corporation (ONGC) as it deems the time is right to sell stakes in oil companies following the diesel deregulation, a senior Finance Ministry official said.

The Cabinet on Saturday deregulated diesel prices and raised the cost of natural gas, giving market forces greater sway as it seeks to attract energy investment, boost competition and cut subsidy costs.

The official, who did not wish to be named, also told reporters the government was looking to push a bill that intended to raise foreign investment limit in the insurance sector in the next session of parliament.

(Reuters)