Citigroup Inc and Goldman Sachs Group Inc are among 17 financial companies competing to manage a share sale for Bharat Heavy Electricals Ltd that may raise INR 47 billion (USD 1 billion).

Morgan Stanley, Deutsche Bank AG, UBS AG, Royal Bank of Scotland Group Plc and SBI Capital Markets Ltd are also seeking the mandate for the sale of a 5% stake in India’s biggest power equipment maker, according to a statement on the nation’s department of disinvestment’s website. The banks will make presentations July 18 and 19.

Bharat Heavy may follow Power Finance Corp as the second state run company in which the government is selling shares for the year that began April 1. India plans to raise INR 400 billion selling assets in companies including Oil and Natural Gas Corp and Steel Authority of India Ltd.

(Sourced from Bloomberg)