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India plans to sell 10 percent stake in Oil refiner
(MENAFN) India is planning to sell a 10 percent stake in the government-run refiner Indian Oil Corporation, valued at USD3.7 billion, in order to pour in money to overcome the fiscal deficit.
240 million shares will be sold by the government on Monday over a stock market auction, with estimation for it to raise more than USD1.5 billion, based on reports.
The ultimate goal fort the government form this latest strategy is to raise as much as USD11 billion this fiscal year by selling stakes its state-run companies.
Indian Oil Corporation is India's biggest refiner with an overall annual sales of USD73 billion, and as reports stated, it has performed very well this year.
240 million shares will be sold by the government on Monday over a stock market auction, with estimation for it to raise more than USD1.5 billion, based on reports.
The ultimate goal fort the government form this latest strategy is to raise as much as USD11 billion this fiscal year by selling stakes its state-run companies.
Indian Oil Corporation is India's biggest refiner with an overall annual sales of USD73 billion, and as reports stated, it has performed very well this year.
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