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1st LD Writethru: India's biggest share sale kicks off

Xinhua, January 30, 2015 Adjust font size:

India's biggest share sale kicked off Friday, with the government selling 10 percent stakes in state-run mining company Coal India to raise 3.7 billion U.S. dollars from the market.

The Indian government owns 90 percent stakes in Coal India and is offering on sale 10 percent as part of its ambitious 10 billion U.S. dollars divestment program during the current financial year.

The move is aimed at narrowing the budget deficit to a seven- year low of 4.1 percent in current fiscal, ending March this year.

India is the world's third-largest importer of coal even though it possesses the fifth-largest reserves, and Coal India produces more than 80 percent of the country's total output. Endi