Cabinet approves 10 pct stake sale in NMDC - Praful Patel

Last Updated: Thu, Oct 25, 2012 12:20 hrs
India's Civil Aviation Minister Praful Patel smiles during a visit to the newly constructed Terminal 3 at the Indira Gandhi International Airport in New Delhi

NEW DELHI (Reuters) - The cabinet approved a proposal on Thursday to sell a 10 percent stake in the state-run NMDC Ltd via a share sale, Heavy Industries Minister Praful Patel told reporters.

The government is looking to raise 300 billion rupees selling shares in state-run firms to fund a fiscal gap that is threatening to hit 6 percent of GDP this fiscal year, which ends in March 2013.

(Reporting by Nigam Prusty; editing by Matthias Williams)

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