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Indian Cabinet Approves Sale of Manganese Ore (India) Ltd. Stake

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The sale of 10 per cent stake in Manganese Ore (India) Ltd. as part of a sale of state assets has been approved by the Indian cabinet.

An Initial Public Offering in the nation's largest producer will also see the regional governments of Maharashtra and Madhya Pradesh selling a 5 per cent stake each.

The announcement was made by Home Minister P. Chidambaram on Thursday in New Delhi. He did not specify a time for the IPO. JP Morgan Chase & Co, Edelweiss Capital Ltd and IDBI Capital Market Services Ltd have been appointed to manage the IPO of Manganese Ore.

The sale is part of Prime Minister Manmohan Singh's plan to raise 400 billion rupees or $8.6 billion from asset sales to help fund construction of roads, ports and hospitals. The government hopes to sell shares in 68 companies to help shrink its budget deficit by March 31.

The budget deficit was 6.9 per cent of the gross domestic product last year and Prime Minister Manmohan Singh hopes to bring it down to 5.5 per cent this year. Shares in Coal India Ltd will be sold in the second half of October following this plan.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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