May 17, 2020 / 8:18 AM / 14 days ago

REFILE-India to privatise state-run cos in non-strategic sectors

(Refiles with correct USN)

NEW DELHI, May 17 (Reuters) - India said on Sunday it would privatise state-run companies in non-strategic sectors, as the economy grapples with a coronavirus-inflicted standstill.

A list of strategic sectors will also be announced in which only one to four public sector enterprises will remain, Finance Minister Nirmala Sitharaman said, as part of a slew of measures to kickstart the economy.

Sitharaman also said no fresh insolvency cases would be initiated for up to a year, in a move to avoid a wave of bankruptcies from companies hit by the coronavirus outbreak.

Debt incurred by companies due to the coronavirus outbreak would not be considered a default under the country’s bankruptcy code, she added. (Reporting by Aftab Ahmed; Writing by Abhirup Roy; Editing by Alasdair Pal)

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