Cabinet approves 10 percent stake sale in Engineers India - minister

NEW DELHI Thu Jan 10, 2013 1:17pm IST

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NEW DELHI (Reuters) - The Indian cabinet approved the sale of a 10 percent stake in state-run Engineers India Ltd (ENGI.NS), a government minister told reporters on Thursday, continuing a process of off-loading state assets to shore up strained government finances.

The minister declined to be named.

The government aims to raise 300 billion rupees from share sales in state-run companies in the fiscal year that ends in March. Thus far, it has managed to garner just under 25 percent of that target.

(Reporting by Nigam Prusty; Editing by Sunil Nair)

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