India said yesterday it aims to sell stakes in two more state-run energy companies as part of its plans to speed up reform and raise funds to combat poverty.
The Congress-led government is looking to sell 10 percent of its stake in Indian Oil Corp and a 5 percent stake in Oil and Natural Gas Corp, Indian Oil Secretary S. Sundareshan told reporters.
RECORD SALES
The announcement is part of New Delhi’s plan to raise a record 400 billion rupees (US$8.5 billion) from asset sales in the fiscal year ending March.
Sundareshan, the chief bureaucrat in the oil ministry, said the department “has taken an in-principle decision” on the sale of the stakes and “we have to go to Cabinet now [for approval].”
Under the process, Indian Oil will also sell a 10 percent stake via the issue of fresh shares, Sundareshan said, adding the sales in both companies are expected to be completed between January and March next year.
Sundareshan gave no details about how the government hoped to raise from the sales.
COAL MINING
The move comes after state-run Coal India said last month that its initial public offering, which is expected to raise more than US$3 billion and could become India’s biggest ever share sale, is due to start next month.
The country’s largest coal miner plans to sell 10 percent of its government-held equity.
The government aims to use the funds to overhaul India’s decrepit infrastructure and to ease the plight of the millions in India who live in desperate poverty.
The left-leaning government has promised to keep at least 51 percent stakes in all public sector companies.
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