Govt invites initial bids for 26% stake in state-run BEML

India has invited initial bids from private firms for a 26% stake in state-owned defence and engineering company BEML Ltd, the government said on Sunday.

The government holds just over 54% of the company and plans to give up management control to a private bidder.

It is part of plans by Prime Minister Narendra Modi's government to privatise state-run companies including Bharat Petroleum Corporation Limited, Container Corp. of India, Shipping Corp of India and national carrier Air India.

The government has appointed SBI Capital Markets Limited as its transaction adviser for the proposed divestment of the BEML stake.