Cabinet approves stake sale in Rashtriya Chemicals

NEW DELHI Wed Dec 26, 2012 1:40pm IST

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NEW DELHI (Reuters) - The cabinet approved selling a further stake in state-run Rashtriya Chemicals & Fertilizers Ltd(RSTC.NS), a minister said on Wednesday.

The move is part of the government's plan to raise 300 billion rupees by selling part of its holding in state-run companies in the current fiscal year that ends in March.

The minister, who declined to be named, did not specify the quantum of stake to be sold in the fertiliser maker.

The government, which owns 92.5 percent of Rashtriya Chemicals & Fertilizers, had earlier indicated it may sell 12.5 percent stake in the company.

(Reporting by Nigam Prusty; Editing by Prateek Chatterjee)

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