The government released a statement saying it had "approved divestment of 10 percent equity in Hindustan Aeronautics Limited (HAL) out of its holding of 100 percent through an Initial Public Offer (IPO) in the domestic market".
HAL, which is managed by the ministry of defence, ranks among the country's leading aerospace companies with an annual turnover of 131 billion rupees ($2.4 billion) in the 2010-11 financial year.
The partial sell-off is expected to aid the government in its plans to cut the national fiscal deficit to three percent of GDP by 2017, from 5.8 percent last year.
"The divestment is likely to happen in the next financial year," Finance Minister P. Chidambaram told reporters.
08/11/12 AFP/msn news
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HAL, which is managed by the ministry of defence, ranks among the country's leading aerospace companies with an annual turnover of 131 billion rupees ($2.4 billion) in the 2010-11 financial year.
The partial sell-off is expected to aid the government in its plans to cut the national fiscal deficit to three percent of GDP by 2017, from 5.8 percent last year.
"The divestment is likely to happen in the next financial year," Finance Minister P. Chidambaram told reporters.
08/11/12 AFP/msn news
