Oil and Natural Gas Corporation said on Friday it was willing to buyback the company's holding with IOC and GAIL and has no immediate plans to divest the stake it holds in IOC and GAIL.
"At the moment we have no plan to divest our holdings in IOC or GAIL," ONGC managing director Subir Raha said.
The Union Cabinet on Thursday allowed offloading cross-holding of
shares in each other by Indian Oil Corporation, ONGC and GAIL.
"We have already proposed that we are willing to buyback ONGC holding with IOC and GAIL," he said. Indian Oil holds 9.61 per cent in ONGC, while GAIL holds 2.4 per cent stake in the exploration giant.
IOC and ONGC holds 4.83 per cent stake in GAIL, while ONGC holds 9.11 per cent in Indian Oil.
