Govt plans stake sales worth $5.4 billion in 7 state-run firms in FY17

Govt plans stake sales worth $5.4 billion in 7 state-run firms in FY17

Latest News – The government plans to sell stakes worth $5.4 billion in seven state-run companies during the current financial year as Asia’s third-largest economy looks to fund its fiscal deficit amid ramped-up spending on rural areas and infrastructure.

The part sale of government stakes in state-run and private firms is critical to meet the fiscal deficit target of 3.2 per cent of gross domestic product in the year to March 2018. India aims to raise 725 billion rupees ($11.26 billion) through stake sales during the year.

The Department of Investment and Public Asset Management has sought bids from merchant bankers and legal advisors to manage the sale of shares in firms including Indian Oil Corp Ltd , NTPC Ltd and Steel Authority of India Ltd (SAIL) , according to bidding documents on its website.

The government will sell the stakes through the offer-for-sale route, meaning by auction on stock exchanges.

The sales could fetch the (Read More)

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