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Friday, April 9, 2010

Cabinet allows 20% divestment in SAIL

The Union cabinet has approved a 20% stake sale in state-run Steel Authority of India Ltd in two tranches.

The sale is expected to fetch the government Rs80 billion in the first sale of 10%, home minister Palaniappan Chidambaram told reporters.

The government currently holds 86% stake in SAIL, the country’s top domestic maker of the alloy.

The government hopes to raise around $9 billion through stake sales in state-run firms in the 2010-11 fiscal year that began on 1 April.

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