IOC, BPCL may buy 26% stake each in GAIL

NEW DELHI: State-owned Indian Oil Corp. (IOC) and Bharat Petroleum Corp. Ltd (BPCL) may buy 26% stake each in gas utility GAIL India Ltd, paying the government over ₹20,000 crore each to become integrated energy firms. Following finance minister Arun Jaitley’s February 2017 Budget announcement of creating integrated oil majors, Indian Oil Corp. and Bharat Petroleum Corp. Ltd had submitted separate proposals to buy the government’s 54.89% stake in India’s biggest gas marketing and transportation firm, GAIL.