India Said to Tap $12 Billion of State Firms' Cash With Buyback

  • Coal India, NMDC among companies asked to buy back shares
  • Revenue boost crucial to meet FY17 budget deficit target

Narendra Modi.

Photographer: Nicky Loh/Bloomberg

India’s government has asked state-run companies to buy back shares, people with knowledge of the matter said, as Prime Minister Narendra Modi looks to narrow Asia’s widest budget deficit without cutting stimulus spending.

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