Government deferred disinvestment in rail infrastructure company RITES Ltd, due to the current market situation. At the same time government has decided to offload its 10 per cent holding in upstream firm Oil India Ltd. At present, government holds 98.13 per cent stake in OIL, which produces around four million tons of crude oil a year.
Earlier, on January 10 the Cabinet Committee on Economic Affairs (CCEA) had approved RITES initial public offering (IPO) through fresh issue of one crore equity shares and a simultaneous divestment of government's 10 per cent shareholding. The IPO has been deferred until further notice because of existing market conditions and economic turmoil.
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