February 8, 2002
'20'
TRANSACTION DOCUMENTS FOR SALE OF GOVERNMENT EQUITY IN IBP SIGNED
The Share Purchase Agreement and Shareholders Agreement were signed here today in respect of the sale of the equity holding of the Government of India in IBP to Indian Oil Corporation (IOC). The transaction documents were signed in the presence of Petroleum Secretary, Shri V.N. Kaul, by Shri S. Vijayaraghavan, Joint Secretary in the Ministry of Petroleum & Natural Gas on behalf of Government, Shri M.S. Ramachandran, Director (Planning & Business Development), IOC and Shri S.N. Mathur, CMD, IBP Company Limited.
On this occasion, Shri Naresh Narad, Addl. Secretary in the Ministry, Shri M.A. Pathan, Chairman IOC, and other senior officers of the Ministry of Petroleum & Natural Gas, Department of Disinvestment, Indian Oil Corporation and IBP Company Limited were also present. The Board of Directors of the respective oil companies will meet shortly to complete the transaction of the sale of Government’s equity in IBP.