August 23, 2007 / 3:17 PM / in 12 years

Cabinet defers decision on Oil India IPO - minister

Finance Minister Palaniappan Chidambaram speaks during a news conference in New Delhi in this July 24, 2007 file photo. The cabinet on Thursday deferred a decision on the public sale of 10 percent of state-run Oil India Ltd, Chidambaram said. REUTERS/B Mathur

NEW DELHI (Reuters) - The cabinet on Thursday deferred a decision on the public sale of 10 percent of state-run Oil India Ltd, a minister said.

“It has been postponed as the (Oil) minister was not there,” Finance Minister Palaniappan Chidambaram told reporters after a cabinet meeting.

Earlier in the day, a senior official of the state-run explorer had told Reuters the government was likely to approve the sale and also issue one percent of shares to employees.

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