India to sell small equity in two state companies

Govt will sell 5% of its equity in Power Finance Corp and 15% of its holding in National Mineral Development Corp.

The Indian government will sell 5 per cent of its equity in Power Finance Corp and 15 per cent of its holding in National Mineral Development Corp, the junior finance minister told parliament on Friday.

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SS Palanimanickam told the lower house of parliament in a written reply that the government had also decided in principle to list large, profitable state firm on domestic stock exchanges but this would not include the navaratnas or nine crown jewels.

The minister also said there could be a shortfall in the collection of direct taxes.