The government has no immediate plans to sell stake in state-run Oil and Natural Gas Corp (ONGC) and Indian Oil Corp (IOC) , Oil Secretary S. Sundareshan told reporters on Wednesday.

"There is no serious consideration (on follow-on public offerings in IOC and ONGC) at this juncture," he told reporters here.

Both IOC and ONGC are not in favour of raising money through equity route as valuations are being impacted due to uncertain fuel pricing policy.

Also, market conditions were not right for FPOs. "(These are) not the correct market time for FPOs," he said.

Also Read   Related Stories News Now - Dahej SEZ gets green signal from envt ministry - ONGC to invest $5.8 bln in FY11: Jitin Prasada - Govt not planning to go for FPOs in ONGC, IOC now: Dis Secy - Garware Offshore bags Rs 22.50 cr contract from ONGC - IOC rejects partnership offer for proposed Barmer refinery - ONGC dedicates museum, green building to late chairman Raha

Also Read   Related Stories News Now - Markets end flat - Turbulence ahead for airlines despite oil price drop - Weak rupee may bring cheer to NRIs, expats - LIC buys PSU stocks, sells pvt sector blue-chips in Q4 - Banks may lower deposit rates as inflation eases: Report More

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end flat - Turbulence ahead for airlines despite oil price drop - Weak rupee may bring cheer to NRIs, expats - LIC buys PSU stocks, sells pvt sector blue-chips in Q4 - Banks may lower deposit rates as inflation eases: Report

Tags : ONGC | IOC | divestment | Oil Secretary S. Sundareshan   Read Business news in  Advertisements -  Journey on, We are by Your Side. Click here to know more -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  The Best Seller is Also the No. 1 in Mileage. Click here -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More