Indian Oil share sale to be delayed to next FY

State-run Indian Oil Corp's share sale will be delayed to the next financial year beginning on April 1, Oil Secretary S. Sundareshan said on Monday.

A decision on the share sale of the country's largest refiner will be taken within three to four months, the company's chairman had said on Friday, a delay of a few months from earlier expectations.

The sale will be part of a government plan to sell stakes in about 60 state-run firms including explorer Oil and Natural Gas as India moves to cut a stubbornly high fiscal deficit and garner funds to spend on schemes for the poor.