Govt may sell NMDC shares worth $3 bn

Govt may sell NMDC shares worth $3 bn

Mumbai: The government plans to sell as much as $3 billion (Rs14,040 crore) of shares in National Mineral Development Corp. Ltd (NMDC), the nation’s biggest iron ore producer, as part of a sell-off of state assets, said two people familiar with the proceedings.

A committee of ministers will start selecting arrangers for the sale this week after cabinet approved plans to divest an 8.38% stake, said the people, who declined to be identified because the development has yet to be made public.

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