Cabinet okays 20 pc stake sale in SAIL

New Delhi, Apr 8: The Union cabinet has approved a 20 per cent stake sale in its Steel Authority of India Limited (SAIL) in two tranches on Thursday, Apr 8.

Home Minister P Chidambaram said that the sale is expected to fetch the government Rs 8,000 crores in the first sale of 10 per cent.

Chidambaram further said that the equity in the public sector undertaking would come down to 69 per cent from 85.82 per cent.

The government hopes to raise around $9 billion through stake sales in state-run firms in the 2010-11 fiscal year.

OneIndia News