Rediff Logo
 Money
Line
Channels: Astrology | Broadband | Chat | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding
                 Women
Partner Channels: Auctions | Auto | Bill Pay | Education | Jobs | Lifestyle | TechJobs | Technology | Travel
Line
Home > Money > Reuters > Report
December 1, 2000 		Feedback  
  Money Matters

 -  Business Special
 -  Business Headlines
 -  Corporate Headlines
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      

 
 Search the Internet
          Tips

E-Mail this report to a friend

IOC to bid for majority stake in IBP

Indian Oil Corp's board of directors has approved a proposal to bid for a majority holding in oil retailer IBP Co Ltd, a company official said on Friday.

"Yesterday, the board decided in principle that we will bid for IBP," the official, who did not want to be identified, told Reuters.

In October, India approved the sale of its controlling stake in IBP Co Ltd through global bidding. It currently holds 59.6 per cent of the company and is selling 33.6 per cent of stake.

The remainder is held by financial institutions and small investors.

The government will retain 26 per cent of IBP after the share sale.

The successful bidder will get management control of IBP, which owns 1,514 of the 17,600 petrol and diesel retail outlets in the country.

Back to top
(c) Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.Reuters

Tell us what you think of this report