India aims to cut stake in state-run firms to minimum in FY20: Source

New Delhi: Indian government will attempt to cut its share holding in Public Sector Undertaking (PSUs) in 2019/20 to the minimum required under the rules, a government official said, as it seeks to shore up 1.05 trillion rupees (USD 15.30 billion) through stake sales in the current fiscal year.

India needed funds to meet its fiscal deficit target of 3.3 per cent set for this fiscal year to March 2020.

The government aims to raise 400 billion rupees from exchange-traded funds, the official told reporters. The official declined to be identified.

New Delhi will likely raise around 300 billion rupees from privatisation of state-owned companies in this fiscal year, the official said.