NEW DELHI, Dec 21: The Indian government will sell its existing stake in the country’s largest car-making firm which it launched 25 years ago in collaboration with Japan’s Suzuki Motor Corp, officials said on Thursday.

The cabinet said the government will offload its 10.27 per cent residual stake in Maruti Udyog to signal its final departure from the private-state venture, which commands 50 per cent shares in India's burgeoning car market.

The government stake is valued at Rs27 billion at current market price, Finance Minister Palaniappan Chidambaram said after the cabinet approval.

“Significant money can be raised through the sale which can be this fiscal year (April-March) or may be the next fiscal, depending on the market condition. The call is mine,” the finance minister said.

Other officials said the government was likely to sell its remaining shares to state-run financial institutions, private sector banks and domestic mutual funds.—AFP