Govt aims to cut stake in state-run cos to minimum required in FY20: Report

The government will attempt to cut its share holding in state-run companies in 2019-20 to the minimum required under the rules, a government official said, as it seeks to shore up Rs 1.05 trillion ($15.30 billion) through stake sales in the current fiscal year.

India needed funds to meet its fiscal deficit target of 3.3 per cent set for this fiscal year to March 2020.

The government aims to raise Rs 400 billion from exchange-traded funds, the official told reporters. The official declined to be identified.

New Delhi will likely raise around Rs 300 billion from privatisation of state-owned companies in this fiscal year, the official said.