The Indian government has cleared the path to the long-mooted sell-off of state shipowner Shipping Corp of India (SCI).
The cabinet committee on economic affairs approved the move on Wednesday as part of its biggest privatisation drive in more than a decade.
Refiner Bharat Petroleum Corp and Container of Corp of India are also being sold off.
The state needs cash to bridge a widening fiscal gap and boost its slowing economy.
A proposal to trim stakes below 51% in some companies, while still retaining control, was also approved, according to Bloomberg.
But the plan for SCI is reported to envision the offloading of the government's entire holding of 63.75%.
The Mumbai-listed company has a market value of around INR 20.45bn ($288m), with the state due to reap $184m if a sale goes ahead at that level.
Shipping ministry not standing in the way
SCI's shares fell as much as 5.6% after the announcement.
The shipping ministry has said it will not oppose the proposed sell-off.
It came out against a privatisation plan in 2017 but has now agreed to a stake disposal in the state-run group.
SCI is listed with 135 ships, including five VLCCs, plus suezmaxes, aframaxes and other tankers.
The fleet also includes boxships, bulkers, OSVs, an LPG carrier and ferries.
