India cabinet approves plan to list 6 state-owned firms
28/12/2018 10:26
NEW DELHI, Dec 28 (Reuters) - India's federal cabinet has
approved a plan to list six government-owned companies and
dilute stake in Kudremukh Iron Ore Company Ltd (KIOCL) KIOS.NS
through a share sale, the government said on Friday.
The cabinet gave approval to list Telecommunication
Consultants Ltd, RailTel Corp India Ltd, National Seed Corp
India Ltd, Tehri Hydro Development Corp Ltd, Water & Power
Consultancy Services Ltd and FCI Aravali Gypsum and Minerals
Ltd, Law Minister Ravi Shankar Prasad told reporters.
Prasad did not elaborate on the timing of the proposed share
sales.
The government said it would reduce its stake in KIOCL
through a follow-up offering.
The government faces the risk of missing its divestment
target for the year, having garnered less than half the 800
billion rupees targeted amount.
(Reporting by Aftab Ahmed; Editing by Subhranshu Sahu)
((Aftab.Ahmed@thomsonreuters.com;))