India may sell stake in more state-run steel firms

India may sell stake in more state-run steel firms. India's steel ministry, which plans to sell part of the stakes held by the government in two state-run companies, will likely identify more state-run companies for such sales, the federal steel minister said Friday. "We have already identified two companies for offloading part of the government's stake and are looking at more companies," Virbhadhra Pratap Singh told a conference. The steel ministry has approved the sale of 8.38% government stake in iron ore mining company NMDC Ltd. and a 10% stake in Manganese Ore India Ltd. The sales are expected to help raise funds and trim the government's fiscal deficit, which is estimated to reach 6.8% of the gross domestic product in the year to March 2010.