State-owned oil firms ONGC, Indian Oil Corporation and GAIL India are the likely candidates for selloffs that would take the government holding in them to below 51 per cent — which was announced by Nirmala Sitharaman in the budget. The government would, however, like to wield management control in them, which is the case in many private sector companies where the promoters hold less than 50 per cent but still runs the operations.
Officials said the finance ministry would soon approach the cabinet to bring down the government’s stake in some of the state-owned firms to below 51 per cent.
