NTPC stake sale to fetch govt Rs8,100 crore

NTPC stake sale to fetch govt Rs8,100 crore

New Delhi: A 5% stake sale in state-run power producer NTPC could fetch the government Rs8,100 crore ($1.7 billion), Sunil Mitra, a senior finance ministry official, said on Friday.

Last week, the government mandated more sales of shares by state firms and changed the rules on how it can use the proceeds, as it seeks to boost revenues and rein in a widening budget deficit.

Since August, share sales in two state firms -- NHPC and Oil India raised about $1.8 billion.

Last month, the cabinet approved share sales for NTPC, Satluj Jal Vidyut Nigam and Rural Electrification Corp.

The stake sales will be completed by March next year, Mitra said.