The first good news for Indian privatization this year came in early October. The government announced the sale of two small companies. A 51% stake in CMC, a software company, was sold to Tata Sons, which owns Tata Consultancy Services, India’s biggest software exporter, for Rs1.5 billion ($31 million).
A 74% stake in Hindustan Teleprinters sold to Himachal Futuristic, a local telecom company, fetched another Rs550 million. On October 23, the cabinet cleared the sale of three more companies including two that run several hotels.
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