India approves stake sale in IOC, NTPC: Govt source

Govt has set an ambitious target of raising $10.8 billion through stake sale in state-run companies in 2015/16 fiscal year

The cabinet on Wednesday approved plans to sell a 10% stake in state-run oil refiner Indian Oil Corp and a 5% stake in power producer NTPC, a government source told reporters.

Indian government has set an ambitious target of raising 695 billion rupees ($10.83 billion) through stake sale in state-run companies in 2015/16 fiscal year that ends in March 2016.