India to sell 10% of state-controlled Housing and Urban Development Corporation

Reuters
New Delhi Updated: Jun 15, 2016, 04:13 PM(IST)

Many Indians living in rural areas keep large amounts of cash at home because of a lack of banks. Photograph:( Getty )

India will sell a 10 per cent stake in state-controlled Housing & Urban Development Corporation Ltd. (HUDCO) through an initial public offering, Telecoms Minister Ravi Shankar Prasad said on Wednesday after a cabinet meeting.

The government wants to raise 565 billion rupees ($8.42 billion) from the sale of stakes in state-owned enterprises in the 2016/17 financial year. That is 19 per cent lower than last year's target, which the government failed to hit.
(Reuters)
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