India clears stake sales in four state companies

Last Updated: Fri, Sep 14, 2012 18:45 hrs

NEW DELHI, Sept 14 (Reuters) - India approved stake sales in four state-run companies on Friday, restarting a stalled divestment programme as part of a broader push to revive a reform agenda.

The cabinet approved stake sales in Hindustan Copper Ltd , National Aluminium Co Ltd, trading firm MMTC Ltd and explorer Oil India Ltd.

New Delhi aims to raise 300 billion rupees ($5.5 billion) through share sales in state-run companies in the current fiscal year that ends in March 2013, but has been unable to raise any funds thus far because of weak market conditions. ($1=54.3 rupees) (Reporting by Nigam Prusty; Editing by Tony Munroe)

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