Cabinet approves 9.5 pct govt stake sale in NTPC
NEW DELHI (Reuters) - The cabinet approved on Thursday a 9.5 percent government stake sale in state-run power producer NTPC Ltd(NTPC.NS), a minister told reporters, to help rein in its ballooning fiscal deficit.
At current market price, the NTPC sale could raise as much as $2.3 billion for the government.
The minister declined to be named.
New Delhi aims to raise 300 billion rupees through share sales in state-run companies in the current fiscal year that ends in March 2013. But it has, thus far, drawn a blank as weak market conditions have deterred public issues or auctions.
The government expects to kick start the divestment process on Friday with a sale of 4 percent in state run Hindustan Copper (HCPR.NS) through a share auction.
(Reporting by Nigam Prusty; editing by Rajesh Kumar Singh)
- Tweet this
- Share this
- Digg this
U.S. Secretary of State John Kerry told Prime Minister Narendra Modi on Friday that India's refusal to sign a global trade deal had sent the wrong signal, and urged New Delhi to work to resolve the row as soon as possible. Full Article