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)
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Prime Minister Narendra Modi came to office with a reputation as a business-friendly leader ready to open up one of the world's biggest markets and sweep away the remnants of the country's socialist past. Full Article