• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

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.

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

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.

Fake: Govt of India has not sold Railways to AdaniFake: Govt of India has not sold Railways to Adani

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.

Fact Check

Claim

Indian Oil Corporation sold to Adani Group by BJP government at Centre

Conclusion

The Indian Oil-Adani Gas Private Ltd (IOAGPL) was incorporated on October 4 2013

Rating

False
Raise your request for FACT CHECKING. Mail us at factcheck@one.in

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X