India plans $1b stake selldown in March: Sources

MUMBAI (REUTERS) - India plans to sell some of its shares in state-run Steel Authority of India Ltd and National Aluminium Co next month in deals that could raise about US$880 million (S$1.09 billion), sources with direct knowledge of the situation said.

The government, which owns about 85.82 per cent in SAIL, is expected to divest a 10.82 per cent stake in the company, said three of the sources.

The stake, to be sold via a share auction, is valued at about US$620 million at the current market price.

The government also plans to divest a 12.15 per cent stake in National Aluminium, which is valued at about $260 million, early next month depending on the market conditions, two other sources told Reuters.