The cabinet has cleared the sale of another 10 percent stake in state-run Coal India Ltd that could raise as much as $3 billion, a minister said on Wednesday, as the government seeks more funds to spend on infrastructure.
Bankers have already put in bids to manage a similar stake sale in the company as part of New Delhi’s aim to raise more than $10 billion by March by selling minority stakes in state firms. The government owns about 79 percent of the world’s largest coal miner.
India has raised just about $2 billion, or less than 20 percent of its divestment target, so far this year.
The divestment could raise as much as 200 billion Indian rupees ($3.02 billion), he said.
Goyal also said India would launch an initial public offering of Cochin Shipyard Ltd, which runs a yard that can build and repair big vessels.
($1 = 66.2200 rupees)
(Writing by Krishna N. Das; Editing by Douglas Busvine and Himani Sarkar)