Date:25/06/2005 URL: http://www.thehindubusinessline.com/2005/06/25/stories/2005062501860200.htm

Back IOC gets board nod to acquire stake in Singapore co

Our Bureau

Mumbai , June 24

THE board of directors of Indian Oil Corporation has accorded an in-principle approval to the company's proposal to pursue the opportunity for acquisition of equity stake in an oil and gas enterprise based in Singapore.

IOC has informed the BSE "the matter is in its preliminary state."

When contacted, an IOC spokesperson said the company maintained its earlier stand on the issue.

Earlier, IOC had clarified that the company was not acquiring stake in Singapore Petroleum.

"We are in no dialogue with anyone. There are no talks of acquiring a stake in the Singapore company," the spokesperson had stated.