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New Delhi, March 3

ONGC on Friday said it plans to sell its stake in GAIL (India) Ltd but will hold on to its stake in Indian Oil Corporation Ltd. Speaking to newspersons, Mr Subir Raha, Chairman and Managing Director of ONGC said, "We don't have any plans to sell our stake in Indian Oil but we are certainly looking at GAIL."

ONGC was proposing to hive off its stake in GAIL, as it saw no synergy of operations in the shareholding. ONGC holds 4.08 per cent stake in GAIL. Elaborating, Mr Raha said, "There is some degree of synergy in our holding shares in Indian Oil as we have a Director on its board in lieu of that. GAIL has refused to give us directorial position and therefore see no operational synergy."

He, however, did not disclose the mechanism for offloading the company's stake in GAIL and whether the company would sell its entire shares in GAIL at one go or in phases. "We are looking at options," he said.

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