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NTPC stake sale to fetch India $1.7 bln - official

Fri Nov 13, 2009 4:22am EST

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NEW DELHI, Nov 13 (Reuters) - A 5 percent stake sale in state-run Indian power producer NTPC (NTPC.BO) could fetch the government 81 billion rupees ($1.7 billion), Sunil Mitra, a senior finance ministry official, said on Friday.

Last week, the government mandated more sales of shares by state firms and changed the rules on how it can use the proceeds, as it seeks to boost revenues and rein in a widening budget deficit. [ID:nDEL13395]

Since August, share sales in two state firms -- NHPC (NHPC.BO) and Oil India (OILI.BO) raised about $1.8 billion.

Last month, the cabinet approved share sales for NTPC, Satluj Jal Vidyut Nigam and Rural Electrification Corp (RURL.BO).

The stake sales will be completed by March next year, Mitra said. (Reporting by Rajkumar Ray and Manoj Kumar)



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