rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Goldman to manage state companies ETF

Goldman to manage state companies ETF

April 16, 2013 16:22 IST

India has chosen Goldman Sachs as the asset manager for a planned exchange-traded fund made up of shares in listed state companies, two sources with direct knowledge of the matter said.

The planned fund, part of the government's plans to raise as much as $7.4 billion in this fiscal year through the sale of stakes in state companies, could help New Delhi raise between $1 billion and $2 billion, they said.

The exchange-traded fund, a basket of listed stocks, is likely to be launched within the next couple of months, said the sources, declining to be named as they were not authorised to speak to the media.

A spokesman for Goldman Sachs declined to comment. Ravi Mathur, secretary at the Department of Disinvestment, which is responsible for managing the government's stake sale programme, could not immediately be reached for a comment.

Sumeet Chatterjee
Source:
© Copyright 2013 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.