Government's $2.25 billion NTPC stake sale on Feb. 7
REUTERS - The government expects to raise around 120 billion rupees by selling a 9.5 percent stake in state power utility NTPC Ltd(NTPC.NS) in a share auction on February 7, Disinvestment Secretary Ravi Mathur said.
The floor price for the offer will be announced on Wednesday, he said.
Share sales in state companies has been a key element of the government's plan to bring down its fiscal deficit to 5.3 percent of gross domestic product by March-end to avoid a credit downgrade from global ratings agencies.
The government aims to raise $5.6 billion by selling shares in the 2012/13 fiscal year to March. Last week, it raised $585 million through a 10 percent stake sale in state explorer Oil India Ltd(OILI.NS).
It expects to sell shares in four other state companies before March-end, Mathur told reporters.
(Reporting by Prashant Mehra in MUMBAI; Editing by Anupama Dwivedi)
- Tweet this
- Share this
- Digg this
- Jindal Steel shelves $10 bln project after coal setback
- West not expected to demand Iran atom bomb "mea culpa" in deal
- U.S. seeks to step up India trade talks after WTO breakthrough
- EU approves Novartis' Signifor drug for rare hormonal disorder
- India targets private cash to build railways to its ports
The main opposition Congress party signalled on Monday it could support government legislation to liberalise the insurance industry, a long-delayed reform expected to help improve investor confidence. Full Article
Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets Full Article