Friday, November 25 2005 13:37 Hrs (IST) - World Time -

New Delhi: Oil and Natural Gas Corporation (ONGC) today (Nov 25, 2005) said it was willing to buyback the company's holding with IOC and GAIL and has no immediate plans to divest the stake it holds in IOC and GAIL.

"At the moment we have no plan to divest our holdings in IOC or GAIL," ONGC Chairman cum Managing Director Subir Raha told reporters here. The Union Cabinet yesterday allowed offloading cross holding of shares in each other by Indian Oil Corporation, ONGC and GAIL.

"We have already proposed that we are willing to buyback ONGC holding with IOC and GAIL," he said.

IndianOil holds 9.61 per cent in ONGC, while GAIL holds 2.4 per cent stake in the exploration giant.

IOC and ONGC holds 4.83 per cent stake in GAIL, While ONGC holds 9.11 per cent in Indian Oil.

IOC Chairman S Behuria said the company wanted to sell its holding in ONGC and GAIL in tranches but the timing would be decided in consultation with the Petroleum Ministry.

"It will be done in tranches, but we do not need the money now," Behuria said.

Asked about the ONGC offering to buyback its holding in IOC, Behuria said: "A decision on it will be taken in consultation with financial advisor".