India has chosen Goldman Sachs as the asset manager for a planned exchange-traded fund made up of shares in listed state companies, two sources with direct knowledge of the matter told Reuters.

The planned fund, part of the government's plans to raise as much as $7.4 billion in this fiscal year through the sale of stakes in state companies, could help New Delhi raise between $1 billion and $2 billion, they said.

The exchange-traded fund, a basket of listed stocks, is likely to be launched within the next couple of months, said the sources, declining to be named as they were not authorised to speak to the media.

A spokesman for Goldman Sachs declined to comment. Ravi Mathur, secretary at the Department of Disinvestment, which is responsible for managing the government's stake sale programme, could not immediately be reached for a comment.

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