India invites bids to sell entire stake in shipping corporation

India is seeking bids for the strategic sale of state-run Shipping Corp. of India, the nation’s largest shipping company, as the government speeds up asset sales to help bridge the budget gap.

The government plans to sell about 296.9 million shares, its entire stake of 63.75%, according to a newspaper advertisement Tuesday. Investors can submit bids individually or as part of a consortium. The deadline is March 1, 2021.

Prime Minister Narendra Modi’s administration is relying on non-tax revenues as the coronavirus-induced lockdowns threatens to push the economy into a historic contraction. The government seeks to raise a record 2.1 trillion rupees ($28.5 billion) from asset sales in the current fiscal year to March.

The department has appointed RBSA Capital Advisors LLP to manage the strategic disinvestment, according to the advertisement.