Asia-Pacific

摘要

Delhi auctions ONGC stake The Indian government has launched its much-delayed sale of a 5pc stake in state-controlled upstream firm ONGC, as it tries to shore up the country’s finances before this month’s budget. Delhi raised around $2.5bn in the 1 March auction. The sale, which cut the state’s direct stake to about 69pc, was proposed in 2010 but was regularly postponed. India’s widening fiscal deficit makes the sale even more pressing. Rising crude prices have squeezed the government’s finances as it maintains low state-fixed prices for key cooking and transport fuels (WPA, 27 February, p6).