India to meet 2011/12 govt stake-sale target: source

NEW DELHI | Tue Dec 27, 2011 1:49pm IST

NEW DELHI (Reuters) - The government is confident of raising the budgeted 400 billion rupees through stake sales in state-run companies, a senior finance ministry official with direct knowledge of the matter told Reuters on Tuesday.

The official said the government is working on a plan to meet the target by pledging shares held by Specified Undertaking of the Unit Trust of India (SUUTI) and using the proceeds to buy stakes in state companies.

"The whole impression that SUUTI will not materialize is wrong. We are still working on the modalities," said the official, who declined to be named.

"We are going to meet the disinvestment target."

New Delhi has raised only about $250 million this year through a share sale in Power Finance Corp in May.

(Reporting by Rajesh Kumar Singh)

Source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/yjHMVHj3wuE/india-economy-source-idINDEE7BQ03I20111227

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