Govt eyes over 25 billion rupees from Oil India stake sale

NEW DELHI Wed Jan 30, 2013 3:51pm IST

A technician opens a pressure gas valve March 2, 2012. REUTERS/Amit Dave/Files

A technician opens a pressure gas valve March 2, 2012.

Credit: Reuters/Amit Dave/Files

Related Topics

Stocks

   

NEW DELHI (Reuters) - The government expects to raise more than 25 billion rupees by selling a 10 percent stake in Oil India Ltd (OILI.NS) on Friday, Oil Secretary G.C. Chaturvedi said on Wednesday.

Selling down its shareholding in companies is central to the government's plan to cut its fiscal deficit to 5.3 percent of GDP in the current financial year from 5.8 percent in 2011/12.

India's hefty fiscal deficit has triggered warnings of a potential credit rating downgrade.

The government aims to raise 300 billion rupees by selling shares in the 2012/13 fiscal year to March.

($1 = 53.7450 rupees)

(Reporting by Manoj Kumar; Editing by Prateek Chatterjee)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

Global Shares

Global Shares

Japanese stocks lead shares worldwide, IBM weighs on Dow  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage