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Govt expects to mop up Rs 2500 crore from Oil India stake sale

The government expects to raise more than Rs 2500 crore by selling a 10 percent stake in Oil India on Friday, Oil Secretary GC Chaturvedi said on Wednesday.

Reuters

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

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 Rs 30,000 crore rupees by selling shares in the 2012/13 fiscal year to March.

Reuters