No GDR sale of IOC and GAIL

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

In another comment on privatisation, Vazhapadhi Ramamurthy, has quashed speculation that the government is contemplating a GDR sale of Indian Oil Corporation (IOC) and Gas Authority of India (GAIL).

"The international market is on the downswing and I cannot go blindly with these two companies", said Ramamurthy, "We have decided not to go in for GDR issues and for the time being we will approach only the domestic market. We are waiting for an improvement in the GDR market before we adopt that route as well".

The government has not yet fixed a firm date for the sale of GAIL or IOC.