November 8, 2012 / 6:32 AM / in 5 years

REFILE-India to sell 10 pct stake in Hindustan Aeronautics

(Corrects first paragraph to remove extraneous words ‘of minister’)

NEW DELHI, Nov 8 (Reuters) - India’s cabinet agreed to sell a 10 percent stake in state-owned aircraft maker Hindustan Aeronautics Ltd (HAL), a senior minister said on Thursday.

Science and Technology Minister, Jaipal Reddy, did not clarify on the timeline of the divestment or on the price the government expects to receive on the stake sale.

India plans to sell stakes in 15 state-run firms by the end of March next year and looks to raise 300 billion rupees ($5.4 billion) from the sales to help plug a yawning gap in the fiscal budget. (Reporting by Nigam Prusty; Editing by Anand Basu)

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