India to sell telecoms equipment maker ITI -report
MUMBAI, June 4 (Reuters) - India's re-elected coalition has flagged off divestment plans by putting state-run telecoms equipment maker ITI Ltd (ITEL.BO) on the block, the Economic Times reported on Thursday, citing a top government official.
The communications ministry has invited expressions of interest from global equipment makers and investors to buy out or take stakes in three of the six manufacturing plants of ITI, the newspaper said, adding the other three plants will also be sold.
"Each of the six units operated by ITI can be separated and given to investors who can either enter into a joint venture or buy out the unit," the paper quoted telecoms secretary Siddharth Behura as saying.
"For each unit, we are willing to explore different business models, from outright sale to stake sale or collaborations. We are open to all permutations and combinations," he told the paper.
ITI could not be immediately reached for a comment.
India will let state-run firms sell equity stakes and dilute a small portion of government holdings, but there are no plans for big-ticket disinvestments in the near future, a government official had told Reuters on Tuesday. [ID:nBOM499538] (Reporting by Ami Shah; Editing by Ranjit Gangadharan)
