India’s biggest oil refiner has developed refining processes that may help it save at least $1.5 billion in costs as well as challenge global giants in the technology leasing business.
India will sell a 10 percent stake in top state-run refiner Indian Oil on Monday through a stock market auction, the government said, as part of its drive to raise funds by selling off assets.
At the current market price of the stock, that stake would be valued at about $1.5 billion.
The government owns 68.6 percent of IOC, whose stock hit a record high in July and has outperformed the broader market this year as the refiner benefits from cheaper global crude prices.
