The government is making plans to offload its stake from Oil India (OIL).

Government that hold up 98% stake in the company, plans to sell 10% stake of the company to state refiners together with the company`s IPO in February 2008.

The offloading route could facilitate the government to accumulate Rs 10 to 15 billion. Automatically, government’s property in the company will jump down to about 78% after the stake sale.

Oil India (OIL) is a leading national oil company, which is engaged in the business of investigation, manufacturing and shipping of crude oil and natural gas. It is a ‘Schedule A` company under the petroleum and oil gas ministry, Government of India.

The company embraces proficiency in six main spheres including production, exploration, drilling and workover, reservoir management, pipeline and research and development.

At present, the company is channeling business actions in six nations of the world. In India it operates, both on-shore and off-shore spreads across the country.