India targets $2.3 billion asset sales in PSUs by year-end

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Govt is aiming to push through stake sales in PSUs by mid-December to take advantage of a share market rally. Govt is aiming to push through stake sales in PSUs by mid-December to take advantage of a share market rally.
SummaryInvestor roadshows will be launched in the US on Tuesday for a 10% stake sale in Indian Oil.

losses on fuel sales.

India's oil ministry has forecast revenue losses of 803 billion rupees for state fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) in the second half of this fiscal year, up from 623 billion in the first half.

The divestment department is keen to push through the stake sales to take advantage of a share market rally that sent India's benchmark stock index to a record high this month on the back of strong foreign inflows. The index is up 6.4 percent this year.

The Indian Oil investor roadshows will be held in New York and Boston. The Indian cabinet cleared the sale in August.

At current market prices, the 10 percent stake sale in Indian Oil could fetch New Delhi around $800 million. The government owns nearly 79 percent in Indian Oil, and 90 percent in Coal India.

So far, officials have pitched the Coal India offering to investors in the United States and Britain, and will proceed to Australia and South East Asia this week, a third source said. Roadshows for local investors will be held after that, he added.

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