Government quashes hopes of ONGC sale

Vol 2, PW 23 (09 Dec 98) News in Brief
     

Oil minister Vazhapadhi Ramamurthy has quashed hopes that the government may be considering the privatisation of Indias two state-owned oil explorers: ONGC and Oil India.

Ramamurthy told Indias parliament during the passing of the Oilfields (Regulation and Development) Amendment Bill that he had no intention of privatising any of the oil sector companies, in particular the Oil and Natural Gas Corporation (ONGC) or Oil India: "I say here on behalf of the government that we have no intention of privatising any of the oil companies," Ramamurthy told MPs.