Cabinet approves 3.56 pct stake sale in Neyveli Lignite

REUTERS - The Indian cabinet has approved the federal government's sale of a 3.56 percent stake in state-run Neyveli Lignite Corp which was launched this month, a minister, who did not want to be named, said on Tuesday.

The share sale is part of the government's plan to raise 400 billion rupees through stake divestments in the current fiscal year ending March 2014. So far it has only managed to raise around $160 million.

(Reporting by Nigam Prusty in NEW DELHI; Editing by Greg Mahlich)