India expects to raise about $254 million from share sale in NBCC – minister

A money lender counts Indian rupee currency notes at his shop in Ahmedabad, India, May 6, 2015. REUTERS/Amit Dave/Files

India expects to raise 17.06 billion rupees ($254.16 million) through stake sale in the state-run builder National Buildings Construction Corp Ltd., the telecoms minister said.

The cabinet has approved the sale of 15 percent stake in NBCC, Ravi Shankar Prasad told reporters on Wednesday.

The government wants to raise 565 billion rupees ($8.42 billion) through stake sales in state-owned companies in the 2016/17 financial year. That is 19 percent lower than last fiscal year’s target, which the government failed to meet.

($1 = 67.1225 rupees)

[Source:- Reuters]