NEW DELHI Nov 22 India's cabinet approved on
Thursday a 9.5 percent government stake sale in state-run power
producer NTPC Ltd, a minister told reporters, to help
rein in its ballooning fiscal deficit.
At current market price, the NTPC sale could raise as much
as $2.3 billion for the government.
The minister declined to be named.
New Delhi aims to raise 300 billion rupees ($5.5 billion)
through share sales in state-run companies in the current fiscal
year that ends in March 2013. But it has, thus far, drawn a
blank as weak market conditions have deterred public issues or
The government expects to kick start the divestment process
on Friday with a sale of 4 percent in state run Hindustan Copper
through a share auction.
(Reporting by Nigam Prusty; editing by Rajesh Kumar Singh)