Mexico plans to sell 47 state-owned industries.

The sale is part of a plan to reduce heavy subsidizing by Mexico's federal government, the Budget and Programming Ministry announced. Among companies slated for the auction block are record companies, television and movie film distributorships, hotels and an insecticide factory, the ministry statement said. In recent years, complying with demands from the International Monetary Fund, President Miguel de la Madrid has called for reducing heavy government subsidies in the Mexican economy.

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