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(From India Business Insight)
The Government of India has acted on its decision to merge all standalone refineries numbering four with bigger refineries. It divested its entire shareholdings in Chennai Petroleum Corporation and Bongaigaon Refineries and Petrochemicals in favour of Indian Oil Corporation (IOC) in 2000-2001 as also its entire shareholdings in Kochi Refineries in favour of Bharat Petroleum Corporation.
But it could dispose of its stake in the purely marketing IBP only in 2001-2002 in favour of IOC. IBP stake attracted multinational companies like Royal Dutch Shell Group, and IOC had to pay Rs11.54 billion that was inclusive of a premium of about …