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Thursday, November 05, 2009
India To Raise Billions Through Divestments
By V. Phani Kumar
MarketWatch Pulse
HONG KONG -- The Indian government approved a plan Thursday to sell minority stakes in a number of state-owned enterprises in a move that could raise billions of dollars and help fund the government's various social welfare programs amid a rising fiscal deficit, according to reports. Home Minister Palaniappan Chidambaram said all profitable and listed state-run companies will be required to be at least 10% publicly held. He said all unlisted companies with a track-record of profitability and a positive net worth would also be listed, according to reports. Hindustan Times reported the government could hope to raise more than 400 billion rupees ($8.5 billion) from such stake sales during the current financial year ending March 31, 2010.
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