The Centre will sell 26 per cent of its stake in public sector oil marketing company IBP Ltd to the general public, its chairman M S Ramachandran said in Kolkata on Wednesday.
Speaking at the annual general meeting of the company in Kolkata, Ramachandran said the government had decided not to sell the 26 per cent stake holding to Indian Oil Corporation, but to the general public after exercising the put option at the end of the first year.
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He said the modalities of the sale whether through private placement or book-building route, would be decided by the government.
Ramachandran said the company would go for a massive expansion of retail outlets in the coming years, which would be funded from the reserve.
Currently, sales of the company were down, but were expected to pick up shortly, he said, adding that during the April-June period, the company posted a net profit of Rs 32 crore (Rs 320 million) as compared to Rs 12 crore (Rs 120 million) in the previous quarter.