The Indian Government has said that it will raise about USD 1.4 billion from selling a stake in state-run refiner and fuel retailer Indian Oil Corp, media reported.
As per reports, the Government is seeking to raise as much as USD 11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 percent of gross domestic product in 2015/16.
Commenting on the issue, Government's Department of Disinvestment, Secretary Aradhana Johri told the media, "Yes, the market is getting more and more difficult. We do have to look for opportunity. The government plans to cut its stake in companies including top coal miner Coal India."
"You have to see the market and see a window. Sometimes you get your window right, mostly. Sometimes you don't get it so right," she added.
The Indian Oil sale was the fourth government stake sale this fiscal year, which began in April. The four sales combined would have raised the Government as much as 130 billion rupees.
Meanwhile, shares of the company were trading at Rs 372.35 a piece, down 1.56 per cent from the previous close at 10:11 hours on BSE.