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Indian federal government to sell stake in SCI

Indian federal government to sell stake in SCI

Mumbai:  India's federal government plans to sell a stake in state-run Shipping Corp. Of India Ltd. and trading agency MMTC Ltd. through public offerings, writes the wall street journal, quoting junior Finance Minister, Namo Narain Meena.

Mr. Meena, however, didn't say how much of a stake the government aims to sell in the two firms. He was speaking in the upper house of Parliament.

India's government aims to raise 400 billion rupees ($8.69 billion) through the sale of stakes in state-run firms in the current fiscal year that started in April. The Cabinet has already cleared the sale of government stakes in Coal India Ltd., Steel Authority Of India Ltd., Power Grid Corporation of India Ltd. and Hindustan Copper Ltd.  [10/08/10]