The government on Wednesday said it has started the process of appointing financial advisors to offload 10 per cent stake in state-owned oil refinery Oil and Natural Gas Corporation, and gas transmission major Gas Authority of India Ltd in the domestic market.

"We will first offload 10 per cent in ONGC and GAIL and then take up crossholding proposal. The financial advisor will be appointed and we are in the process of that," Divestment Minister Arun Shourie told reporters in New Delhi.

The Divestment Development: Complete Coverage

The Cabinet Committee on Divestment in its meeting held Tuesday evening, decided to sell 10 per cent stake each in ONGC and GAIL valued at about Rs 12,500 crore (Rs 125 billion) going by the current market prices, to bridge fiscal deficit.

Asked about the government's plans for residual stake sale in companies like Videsh Sanchar Nigam Ltd, CMC, IBP and IPCL, Shourie said, "That is also going on very rapidly."

He said that divestment secretary Dhirendra Singh had called on G N Bajpai, chairman of securities and Exchange Board of India on Tuesday to discuss the depth of the capital market.

"One purpose of meeting Sebi chief was to apprise him of the calender of events," Shourie said.