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Government to finish CMC, HTL sell-off by Aug end

The Indian government is likely to wrap up the privatisation of state-run companies CMC Ltd and Hindustan Teleprinters Ltd by the end of August, the Press Trust of India said on Sunday.

"Divestment department is likely to call the price bids for CMC and HTL from the bidders over the next two weeks," the news agency said, quoting unnamed sources.

The government, which owns an 80 per cent stake in software service and computer maintenance firm CMC, plans to sell a 57.3 per cent stake to a strategic investor.

US-based computer giant Hewlett Packard and leading Indian information technology firms Wipro Ltd and unlisted Tata Consultancy Services are among 15 shortlisted bidders for the company.

In HTL, the government plans to sell a 74 per cent stake to a strategic investor.

The two sell-offs are part of the government's strategy to sell controlling interests in state-run companies and mark a break from its earlier policy of selling only piecemeal stakes.

The government plans to raise Rs 120 billion ($2.55 billion) from the privatisation of state-run companies this year and has placed several giants including long-haul carrier Air India and telecoms giant VSNL in the list of firms to be privatised this year.

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