India Aims To Cut Stake In State-Run Firms To Minimum In FY20: Source
India needed funds to meet its fiscal deficit target of 3.3% set for this fiscal year to March 2020.
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Indian government will attempt to cut its share holding in state-run companies in 2019/20 to the minimum required under the rules, a government official said, as it seeks to shore up Rs 1.05 trillion ($15.30 billion) through stake sales in the current fiscal year.
India needed funds to meet its fiscal deficit target of 3.3% set for this fiscal year to March 2020.
The government aims to raise Rs 400 billion from exchange-traded funds, the official told reporters. The official declined to be identified.
New Delhi will likely raise around Rs 300 billion from privatisation of state-owned companies in this fiscal year, the official said.
(Reuters)