As the threat of war clouded the horizon on the Indian subcontinent, India’s government clinched two important privatization sales. Maruti, India’s biggest car-maker, was sold to Suzuki – the first foreign company to win a major privatization deal – and Indian Petrochemical Corporation (IPCL) went to Indian conglomerate Reliance Industries.
Two small hotels were sold too, one to an investor from Muscat. Together, the sales will fetch the government around $825 million, one-third of its target for sales this year.
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