India has selected Goldman Sachs (NYSEArca: GS) to manage an ETF that would invest in state-run firms, according to a report Friday.
“The finance minister … has cleared the appointment. We have issued a letter to Goldman Sachs,” a finance ministry official told The Wall Street Journal.
Earlier this year, reports surfaced India’s government planned to list an ETF that would invest in shares of state-run firms in an effort to raise money by offering stakes in companies it oversees.
The government wants to sell shares in state-run companies to raise funds and address the fiscal deficit.
“Initially, the government plans to have 15-20 top state-run companies in the basket of ETFs, the official said, adding that the first ETF may be launched within three to four months,” WSJ.com reported Friday.
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