India could raise up to US $3.61 Bn from the sale of equity in four state-owned companies, including Oil and Natural Gas Corp (ONGC) and National Aluminium Co Ltd (NALCO), said Junior Finance Minister Jayant Sinha. The cabinet has already approved the sale of 5% stakes in ONGC and Bharat Heavy Electricals Ltd, and 10% each in NALCO and NMDC Ltd, Sinha told lawmakers in a written reply in the lower house of parliament. The expected receipts were based on share prices of these companies on 16 March, taking into account a possible discount for retail investors. He did not say when the government planned to sell shares in the companies.
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