Government plans more stake sales in current fiscal
Feb 22 2013
The government also expects to complete the stake sale in state trading firm MMTC Ltd and Rashtriya Chemicals & Fertilisers Ltd in this fiscal that ends on March 31, SS Palanimanickam, told parliament in a statement.
New Delhi will divest 10.82% of its stake in Steel Authority of India, 12.15% in National Aluminium, 12.5% in Rashtriya Chemicals and 9.33% in MMTC through auction of shares, the minister said.
India plans to raise about $880 million next month cutting its stakes in Steel Authority and National Aluminium, sources told Reuters on Thursday, a move that will help the government tackle the budget deficit.
Asset sales are a key part of the government's plan to cut the deficit to 5.3% of gross domestic product for this fiscal, from 5.8% in FY12, to avoid a credit downgrade.