The Indian government plans to sell its stakes in 51 privatefirms, including Axis BankLtd. and ICICI BankLtd., in the next three years.

The government holds the shares through holding companySpecified Undertaking of Unit Trust of India, which will appoint up to threemerchant bankers to provide advice on the matter, according to a July 4 release.

Earlier in January, the Indian government had reportedlylooked to sell its11.59% interest in Axis BankLtd.