(MENAFN) India's government raised over USD4 billion through selling 10 percent of its stake in mining giant Coal India as it looks to raise funds through asset sales to prevent fiscal deficit, The Peninsula Qatar reported.
New Delhi's government aims to raise around USD10 billion from disinvestment during the current financial year, which ends in March 31, to meet its fiscal deficit target of 4.1 percent.
In October, the government approved an ordinance to allow coal mines to be sold to private companies for their own use, as well as permitting commercial mining at some point in the future.
"Strong interest was expected. Sentiment about India has changed, and this government is market savvy. They also priced the share quite well and left little time for speculation," Churiwala Securities said.
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