Home >Politics >Policy >Govt plans to sell stake in Dredging Corp, PFC
The move is part of the central government’s efforts to raise revenue as it scrambles to meet part of a near $10 billion share sale target by 31 March, when the current fiscal year ends. Photo: AFP
The move is part of the central government’s efforts to raise revenue as it scrambles to meet part of a near $10 billion share sale target by 31 March, when the current fiscal year ends. Photo: AFP

Govt plans to sell stake in Dredging Corp, PFC

A finance ministry source says that state-run manganese miner MOIL could be the next in line with a 10% stake sale

New Delhi: The government plans to sell a 5% stake in state-run Dredging Corp. of India Ltd (DCIL), the country’s largest dredging company, and has invited bids from merchant bankers, the government said in a statement on Friday.

The move is part of the central government’s efforts to raise revenue as it scrambles to meet part of a near $10 billion share sale target by 31 March , when the current fiscal year ends.

The government is also likely to sell a 5% stake in state-run Power Finance Corp. Ltd (PFC) next week, a finance ministry source said.

“Five per cent shares of PFC could be sold next week," a senior finance ministry official, who declined to be named as he was not authorized to speak to the media, told Reuters.

He also said that state-run manganese miner MOIL Ltd could be the next in line with a 10% stake sale. Reuters

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