The government plans to divest some of its stake in four more state companies including Steel Authority of India Ltd
The government also expects to complete the stake sale in state trading firm MMTC Ltd
New Delhi will divest 10.82 percent of its stake in Steel Authority of India, 12.15 percent in National Aluminium, 12.5 percent in Rashtriya Chemicals and 9.33 percent in MMTC through auction of shares, the minister said.
India plans to raise about $880 million next month cutting its stakes in Steel Authority and National Aluminium, sources told Reuters on Thursday, a move that will help the government tackle the budget deficit.
Asset sales are a key part of the government's plan to cut the deficit to 5.3 percent of gross domestic product for this fiscal year, from 5.8 percent in 2011/12, to avoid a credit downgrade.