IOC, BPCL may buy 26% stake each in GAIL

MUMBAI March 19, 2018: State-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) may buy 26 per cent stake each in gas utility company GAIL India Ltd, paying the government over Rs 20,000 crore each to become integrated energy firms, media reports said on Monday.

Following Finance Minister Arun Jaitley’s February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government’s 54.89 percent stake in India’s biggest gas marketing and transportation firm, GAIL, said the reports.