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Govt approves strategic sale in Manganese Ore

The government will sell a 51 per cent stake in state-run Manganese Ore Ltd to a strategic partner, Divestment Minister Arun Shourie said on Thursday.

"India plans to sell 51 per cent strategic equity in Manganese OreLtd," Shourie told a news conference after a meeting of the Cabinet Committee on Divestment.

Manganese Ore (India) Ltd is a profit-making mining firm which operates in Maharashtra and Madhya Pradesh.

The firm, which was incorporated in Britain, was fully taken over by the government in 1977 and has a turnover of Rs 1.80 billion.

India has stepped up its privatisation drive in recent months after it sold controlling stakes in giant telecoms firm Videsh Sanchar Nigam, oil marketing company IBP, the country's second largest petrochemical company IPCL and the largest carmaker, Maruti Udyog Limited.

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