India To Sell Up To 25% Stake In Four Defense Cos To Meet $11.38B Disinvestment Target

The government plans to sell 25% of its stakes from state-owned Mazagon Dock, Bharat Dynamics, Garden Reach Shipbuilders & Engineers and Mishra Dhatu Nigam to meet its Rs 72,500 ($11.38 billion) divestment target during the year to March 2018.

The Department of Investment and Public Asset Management (DIPAM) invited proposals for the IPO by 3 PM on August 18, Business Standard reported Saturday.

The Cabinet in April cleared the disinvestment of these four PSUs under the defence ministry, and thereafter DIPAM invited bids from merchant bankers and legal advisors for managing the stake sales.