ONGC's FPO likely in early next fiscal

Inching towards achieving the budgetary estimates of raising Rs 40,000 crore from PSU disinvestment in FY10-11, the Centre today indicated that the follow-on public offer (FPO) of the Maharatna company Oil and Natural Gas Corporation (ONGC) could be deferred to next fiscal.

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

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

Earlier, the government had said that it is looking at divestment in Indian Oil Corporation, Steel Authority of India (SAIL) and ONGC in the first quarter of 2011.

"So far we have mopped up close to Rs 19,000 crore from divestment in PSUs like Coal India, Engineers India, and Satluj Jal Vidyut Nigam. The FPO of Power Grid Corporation is 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.

"The next initial public offer (IPO) of a PSU, Manganese Ore India (MOIL), is expected to hit the capital market by December. The issue aims to raise around Rs 1,200 crore," 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.