NEW DELHI Feb 17 The Indian government is
unlikely to complete sale of minority stakes in Hindustan Zinc
Ltd and Bharat Aluminium (Balco) this fiscal year, a
finance ministry official said on Monday.
The federal government owns 29.5 percent of Hindustan Zinc
and 49 percent of BALCO. Both the companies are majority owned
by London-listed Vedanta Resources Plc.
"The process which is required to be gone through before
disinvestment can happen is a process that takes time and in our
estimation it would not be completed before March 31 this year,"
Economic Affairs Secretary Arvind Mayaram said.
"Therefore we have kept adequate provision for receipts from
the sale of stocks in these two companies for next year."
Finance Minister P Chidambaram, however, said the process of
selling the government's stake in Axis Bank was
underway and was likely to be completed before end-March.
India aims to raise 569.25 billion rupees ($9.17 billion)
from stake sale in state-run firms in 2014/15, the federal
government said in its budget document on Monday.
The government also said it has revised the target for stake
sale in state-run firms for the current fiscal year that ends in
March to 258.41 billion rupees.