Govt. to exit five firms by selling stakes

By agencies   |   Friday, 23 December 2005, 08:00 Hrs
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NEW DELHI: The Indian cabinet has given a green signal to sell the government's remaining stakes in five firms to raise $1.13 billion, The Economic Times reported on Friday.

They are metals firm Bharat Aluminum Company Ltd., oil retailer IBP Co. Ltd, long distance calls provider Videsh Sanchar Nigam Ltd, software services firm CMC Ltd. and Indian Petrochemicals Corp Ltd.

The paper said it will take sometime for the government to announce the stake sale because it is yet to sort out the matter with the left allies. The government decided to exit from the overall control of these companies after the left parties, part of the present coalition government, agreed not to oppose to oppose any moves to privatize companies that have already been partly privatized. The proceeds of the sale will be used to fund infrastructure projects.

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