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January 10, 2001 		Feedback  
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India to seek bids for IBP stake

India is to seek bids from foreign companies to buy a third of the state-controlled oil marketing firm IBP Co, a company official said on Wednesday.

The government holds 59.6 per cent of the company and is selling 33.6 per cent. The rest is held by financial institutions and small investors.

"We are going to ask for expressions of interest on January 15 and the submission date will be six weeks thereafter," IBP chairman, S C Mathur, told Reuters.

Indian Oil Corporation is also bidding for a holding in IBP Co, but it has not specified the size of stake it wants.

In October, India approved the sale of its controlling stake in IBP Co through global bidding. The government will retain 26 per cent of IBP after the share sale. The successful bidder will get management control of IBP, which owns 1,514 of the 17,600 petrol and diesel retail outlets in the country.

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