'Govt has no plans now to sell stake in ONGC, IOC'

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.