The government on Wednesday said it would dilute its stake in SAIL in January, followed by Power Finance Corpor-ation and ONGC in March. Sources, however said the follow-on public offer of IOC has been deferred to next fiscal. It had appointed six merchant bankers for the sale of 10 per cent equity shares in the FPO that its chairman, Mr B.M. Bansal, said was planned for January last week.