IOC - Outcome Of Board Meeting

Indian Oil Corporation Ltd (IOC) has informed that the Board of Directors of the Company at its meeting held on November 28, 2007, has accorded approval for executing the Share Purchase Agreement with the Govt. of India for acquiring 1,07,00,220 equity shares of Oil India Ltd (OIL), which constitutes 5% of OILs pre-issued Paid-up Capital, from Govt. of India at a price equivalent to the issue price of the equity shares that are proposed to be offered by OIL to the public through an Initial Public Offering in accordance with the book-building method.

The sale and purchase shall be completed prior to the allotment of equity shares to the public and within 48 hours after the issue price is determined through the book-building method after obtaining the approval of the Board of Directors of OIL.

The above is in accordance with the approval accorded by the Govt. of India.