Indian govt. to raise $2.1 Billion through stake sale
By siliconindia   |   Monday, 01 June 2009, 22:52 IST
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Indian govt. to raise $2.1 Billion through stake sale
Mumbai: The stake sales of the government-owned companies have become a viable option for the government to raise capital. The new government plans to raise $2.1 billion through stake sales over the next one year, which is one-fifth more than the amount raised in the last five years. The government had raised just 85 billion rupees through stake sales in the previous five years, reports The Economic Times. Incumbent Prime Minister Manmohan Singh plans to roll out reforms including privatization to lift the economy and attract investment. The government was identifying public sector units where state holdings can be diluted quickly and the decision would be announced in the budget due in July, citing an unnamed finance ministry official. The reform comes in the wake of the absence of the re-elected PM's 100 day action plan. The government has asked key ministries such as power, fertilizer, shipping and textiles to submit a list of firms that could generate market interest.