India is to put off privatising the country's largest automaker Maruti Udyog.

The government had intended to sell its stake by the end of the financial year in March.

But a government official has said more time is needed to finalise details for the 8bn rupee ($167m; �103m) initial public offering (IPO) for its 45.5% stake.

"The Maruti IPO will not happen this year because it's taking time to finalise the prospectus," Disinvestment Secretary Pradip Baijal said.

The delay is another set-back for the privatisation programme which the government has admitted will not raise the projected 120bn rupees by 31 March this year.

Mr Baijal also said the government would meet next week to discuss the sale of oil refiner Bharat Petroleum Corp (BPCL).

Sales accelerate

The New Delhi-based automaker - in which Japan's Suzuki Motor already has a 54.2% stake - has a 50% share of the Indian auto market.

The minister gave no new date for the sale but the Economic Times newspaper quoted ministry officials as saying it would now be in May.

The delay comes as Maruti reported its year-on-year car sales had jumped 18.1% in January, thanks to rising exports.

The Society of Indian Automobile Manufacturers said Maruti's exports increased 12-fold in January from a year earlier to 4,026 while domestic sales were up 6.5%.

Maruti, which makes 10 models including cars, multi-purpose and utility vehicles, has seen sales rise after it cut prices in July.