Fake: Govt has not sold Indian Oil Corporation to Adani Group

New Delhi, Feb 17: A claim has gone viral on the social media that the Indian Oil Corporation has been sold to Gautam Adani by the BJP led government at the Centre.

A user has tweeted an image that shows a gas station and on the same it is written, Indian Oil-Adani Gas. It has has the caption, Indian Oil Sold Out.

The claim made in the viral post is fake. The image exhibited is of the IndianOil-Adani Gas Pvt Ltd. This is a joint venture company of Indian Oil Corporation Ltd and Adani Gas Ltd.

We also checked for other news items regarding this. There is no such news that the Indian Oil Corporation has been sold to a private entity. No announcement on the disinvestment in the IOC was made by. Finance Minister Nirmala Sitharaman in her budget speech either.

The Indian Oil-Adani Gas Private Ltd (IOAGPL) joint venture was incorporated on October 4 2013. The Congress led UPA was in power at that time.

The venture is to engage in the business of carrying out City gas distribution. In 2013 Adani Gas Ltd entered into a strategic 50-50 joint venture with the Indian Oil Corporation and according to the 2019 balance sheet, 50-50 equity share was distributed between the two.