A senior government official said that the government is looking forward to sell its stakes in Steel Authority of India Ltd. (SAIL) and Power Finance Corp. before June 2011.
Government will sell 5 percent stake in SAIL and the company will also sell new shares worth 5 percent. Together they would be worth about $1.4 billion.
Sumit Bose, disinvestment secretary in the ministry of finance, said that the company is on the fast track and after share sales of ONGC, SAIL shares will be sold followed by Power Finance Corp. shares.
The government in the upcoming fiscal year will sell stakes worth Rs.400 billion ($8.9 billion). In the current fiscal year, government sold stakes in six state-run companies.
Mr. Bose said that government is going to sell 5 percent stake in Oil and Natural Gas Corp. (ONGC) which would be worth $2.56 billion. The sales would take place later this month.
Government will also sell a 5 percent stake in Power Finance Corp. and the company will sell another 15 percent stake in IPO worth $1.26 billion.
Mr. Bose also said that the government is planning to sell stakes in Rashtriya Ispat Nigam Ltd (RINL), MMTC and National Buildings Construction Corp (NBCC) in the next fiscal year.