October 16, 2018 / 8:03 AM / a month ago

India may look to raise 200 billion rupees via buybacks in state-run companies: TVs

A customer hands currency notes to an attendant at a fuel station in Mumbai, August 13, 2018. REUTERS/Francis Mascarenhas/Files

NEW DELHI (Reuters) - India may look to raise 200 billion rupees ($2.71 billion) in 2018/19 fiscal year via buyback of shares in state-run companies including Oil and Natural Gas Corp Ltd (ONGC), local TV channels reported on Tuesday, citing government sources.

This could help the government partly meet its budgetary target of raising 800 billion rupees ($10.86 billion) through sale of its stake in state companies in the current fiscal year.

Last month, ONGC sought an exemption from the government request to buy back government-held shares in the company and said it needed the funds for its own capital expenditures.

($1 = 73.6950 Indian rupees)

Reporting by Manoj Kumar; Editing by Malini Menon

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