Delhi kicks off privatisation drive with sale of steelmaker stake

New Delhi

INDIA'S new right-wing government kicked off its troubled privatisation drive on Friday, selling a 5 per cent stake in the state-controlled Steel Authority of India Ltd (SAIL) to generate revenue and plug a gaping budget deficit.

The offer of shares in the country's biggest domestic steel producer is the first in a string of asset disposals planned by the government led by Prime Minister Narendra Modi.