To raise about $2.3 billion to boost public finances, the Union government has revived plans to sell stakes in two State-owned companies-Indian Oil Corp (IOC) and the Coal India.
The government is aiming to push the stake sale through a sale by mid-December to take advantage of a share market rally. Investor roadshows were scheduled to be in the United States on November 12 for a 10 per cent stake in state refiner Indian Oil Corp ( IOC).
Media reports say that the government’s Department of Disinvestment (DoD), which oversees stake sales in state companies, has also completed most of the overseas roadshows to sell a 5 per cent stake in state miner Coal India, which could fetch about $1.5 billion.