India has boosted its stalled asset sale drive by setting the floor price for an 8 percent stake in carmaker Maruti Udyog Ltd. at 620 rupees per share ($13.90), Reuters reports.
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The Maruti share sale is restricted to state-run banks and financial institutions and the government hopes to net over 14 billion rupees at the floor price in its first asset sale in the current financial year which ends on March 31.
India’s asset sales drive has been stalled for more than a year due to opposition from the ruling coalition’s powerful communist allies who fear massive job losses if state-run firms are sold or privatised, Reuters said.
According to the news agency, senior finance ministry official said there had been 36 expressions of interest.
“The last date for bids is January 11 and the winner would be decided on the next day,” the official added, according to Reuters.
