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.

All the sources declined to be named as they were not authorised to speak to the media.

Join ST's Telegram channel and get the latest breaking news delivered to you.