The government has shortlisted four bidders including Essar group for acquiring majority stake in Shipping Corporation of India slated for privatisation this fiscal.

All the four bids, including one from a foreign entity, were found fulfilling the networth criteria set by the inter-ministerial group, which met in New Delhi on Tuesday evening to chart out further course of action for SCI privatisation through the sale of 51 per cent equity to a strategic partner.

The bidders, who filed their applications by the last date for Expressions of Interest on June 6, were found eligible even as per the higher norms as government decided to raise the networth criteria from Rs 800 crore (Rs 8 billion) to Rs 1000 crore (Rs 10 billion), sources associated with SCI divestment process told PTI.

Domestic metals major Sterlite Industries and consumer goods major Videocon group are understood to be the other bidders, though there was no official confirmation as sources declined to name the aspirants including the foreign entity.

The government had earlier decided to seek re-bids for SCI after most of the bidders including Great Eastern Shipping had pulled out from the race citing inordinate delays.