Seven more firms will be divested this year

To meet the annual target of Rs 40,000 crore (Rs 400 billion) through divestment, at least seven state-owned companies were in the pipeline for equity sales during this financial year, Disinvestment Secretary Sumit Bose said on Monday.

The companies - Power Grid Corporation, Shipping Corporation of India, Hindustan Copper, Manganese Ore India, Steel Authority of India, Indian Oil Corporation and Oil and Natural Gas Corporation - will see divestment in the coming five months.

"Including CIL's IPO, we expect to raise Rs 17,500 crore (Rs 175 billion) of the total target of Rs 40,000 crore. With a lot of firms lined up for divestment, we should comfortably reach the expected figures," said Bose.