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India accelerates drive to offload company stakes in rush for cash

Analysts say government will meet key fundraising target despite headwinds

India's government wants to sell off company stakes to raise money for infrastructure. (Source photos by AP; screenshots from Hindustan Zinc, IDBI Bank and Ferro Scrap Nigam websites) 

NEW DELHI -- The Indian government's push to raise cash by selling off stakes in state-run companies ranging from a life insurer to a steelmaker is picking up pace despite growing economic turbulence around the world following Russia's invasion of Ukraine.

Many analysts say New Delhi is on track to hit its 650 billion rupee ($8.2 billion) target for privatization and other divestments in the current fiscal year, welcome news for Prime Minister Narendra Modi, who needs the money to finance the country's recovery from the coronavirus pandemic and to help fund a revamp of India's sprawling rail and road networks.

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