OFFLOADING OF CROSS-HOLDINGS BY
OIL PSUs
RAJYA SABHA
Shri Ram Naik, Minister
of Petroleum & Natural Gas informed the Rajya Sabha today
while replying to a question that ONGC, IOC and Gail (India) Limited
have proposed to sell the cross-holding shares to realise the
value of investment in these shares, to mobilise resources for
funding projects and pay off loans. Shri Naik added that the likely
amount to be raised will depend on the method of offloading and
the market price prevailing at the time of offloading. The proposals
are under consideration of the Government.
Replying to supplementary
questions, Shri Ram Naik said that during the Tenth Plan period
ONGC is expected to require about Rs. 33,000 crore, IOC about
Rs. 24,000 crore and Gail (India) Limited about Rs. 8,400 crore
for various purposes.
In reply to another
question the Minister informed the House that the total outstanding
borrowings by these companies as on 30.9.2003 stood at Rs. 274.73
crore in the case of ONGC, Rs. 1,527 crore for Gail (India) Limited
and Rs. 6,854 crore for IOC. The borrowings of Chennai Petroleum
Corporation Limited (a subsidiary of IOC) and BPCL was Rs. 1,909.67
crore and Rs. 890 crore respectively.
