India Fast-Tracks State Company Stake Sales to Cover Oil Shock Costs

India is accelerating a plan to sell stakes in major state-held companies as it looks to raise billions of U.S. dollars to plug the gap left by the oil shock from the Strait of Hormuz closure.

The Indian government has identified eight state-owned companies in which it would seek stake sales in the coming months, including in major insurers and banks, sources with knowledge of the plan told Bloomberg on Thursday.

The proceeds from the stake sales could be worth $1 billion each for some of the biggest firms, such as the biggest life insurer, the…