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The IDBI Bank stake sale is a test case for Prime Minister Narendra Modi, who has committed to divest from most large businesses India owns, and use the funds to bolster public finances. After years of trying, the government has only been able to privatize national carrier Air India Ltd. and introduce outside backers to LIC, while its plans to sell refiner Bharat Petroleum Corp Ltd. hit a wall as bidders struggled to find partners.
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