Indian government to sell ITC stake

The Indian government is planning to sell its 11.19 percent stake in ITC, reports The Economic Times.

The stake, currently held under a state-controlled entity, the Specified Undertaking of Unit Trust of India, is said to be worth $3.8 billion

An unnamed official noted that the government is likely to set up a committee comprising senior members of the finance ministry to finalize the terms of the transaction.

British American Tobacco, which owns a 29.74 percent stake in ITC, would reportedly not be allowed to bid.