ONGC's FPO likely early next fiscal

Inching towards achieving the budgetary estimates of raising Rs 40,000 crore (Rs 400 billion) from PSU disinvestment in FY 10-11, the Centre on Wednesday indicated that the follow-on public offer of the Maharatna company ONGC could be deferred to next fiscal.

"We have to see that ONGC's FPO could be brought by beginning of April next fiscal," V P Gupta, deputy secretary in Union Ministry of Disinvestment, told PTI on Wednesday.

"The ONGC's FPO aims to raise around Rs 10,000 crore (Rs 100 billion) from the capital market," he said.

Earlier, the government had said it was looking at divestment in Indian Oil Corporation, Steel Authority of India Ltd and ONGC in the first quarter of 2011.

"So far we have mopped up close to Rs 19,000 crore (Rs 190 billion) from the divestment in PSUs like Coal India, Engineers India, and Satluj Jal Vidyut Nigam.

The FPO of Power Grid Corporation was underway," Gupta said. FPO of Power Grid, in which the government is diluting 10 per cent stakeholding, is expected to fetch Rs 4,000 crore (Rs 40 billion).

"The next initial public offer of a PSU, Manganese Ore India Limited, is expected to hit the capital market by December.

"The issue aims at raising around Rs 1,200 crore (Rs 12 billion)," he said.

"The other two FPOs -- those of Shipping Corporation of India and Hindustan Copper -- are also expected to hit the market in December," Gupta said.