Govt eyes over 25 billion rupees from Oil India stake sale

Last Updated: Wed, Jan 30, 2013 10:39 hrs

The Indian government expects to raise more than 25 billion rupees ($465 million) by selling a 10 percent stake in Oil India Ltd on Friday, Oil Secretary G.C. Chaturvedi said on Wednesday.

Selling down its shareholding in companies is central to the government's plan to cut its fiscal deficit to 5.3 percent of GDP in the current financial year from 5.8 percent in 2011/12.

India's hefty fiscal deficit has triggered warnings of a potential credit rating downgrade.

The government aims to raise 300 billion rupees ($5.6 billion) by selling shares in the 2012/13 fiscal year to March.

More from Sify: