India plans to sell 5 pct stake in Dredging Corp - govt statement

NEW DELHI (Reuters) - India plans to sell a 5 percent stake in state-run Dredging Corporation of India Ltd (DCIL), the country's largest dredging company, and has invited bids from merchant bankers, the government said in a statement on Friday.

The move is part of the government's efforts to raise revenue as it scrambles to meet part of a near $10 billion share sale target by March 31, when the current fiscal year ends.

(Reporting by Manoj Kumar; Editing by Malini Menon)