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ONGC can bid for IPCL, says Naik

Petroleum Minister Ram Naik on Wednesday said all eligible parties including the state-run Oil and Natural Gas Corporation should be allowed to to bid for acquiring government stake in Indian Petrochemicals Corporation Ltd.

India's largest refiner Indian Oil Corporation, the country's highest profit making company ONGC, have in principle agreed on making a joint bid for IPCL, financial bids for which will be called on April 29.

Naik saw no problem in ONGC joining IOC, which along with Reliance Industries and detergent maker Nirma is in the race for IPCL, as the companies' law and divestment process allows joint bidding and any interested party can take in a partner even after submission of initial Expression of Interest.

IOC chairman M S Ramachandran said: "One of the options we have is forming a 50:50 joint venture company or floating a special purpose vehicle for the purpose."

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