It is reported that India’s new government could sell a 5% stake in the state-run Steel Authority of India Ltd (SAIL) in the last week of July.

The stake sales valued at about US$340 million at the current price and it is estimated to raise around US$10~13 billion in this fiscal year.

After selling the stake, the government's holding in the company will drop do 75%.

SAIL announced to invest Rs 72,000 crore for a modernization and expansion plan in June. The company’s capacity of hot metal will reach 19.5 million tons by September from current 14 million tons. Besides, the company is aiming to reach a capacity of 23.5 million tons in the next fiscal.