COLOMBO, Nov 20 (Reuters) - Sri Lanka called for fresh bids on Wednesday for minority stakes in seven loss-making state bus companies after they failed to draw bidders last month in a privatisation drive aiming to raise $220 million this year.
State privatisation body the Public Enterprise Reform Commission said in a statement 39 percent stakes in the companies were on sale.
The government sold 39 percent stakes in six companies last month for $15 million, bought by a British-led consortium including IBIS Transport Consultants and the local Latec Engineering and Management Services.
A lack of demand and protests by workers fearing job losses have hampered the government drive to sell the firms.
The 13 bus firms originally slated for sale manage about a third of the country's 25,000 buses and had a combined operating loss of $12 million on revenues of $100 million in 2001.
A peace process between the government and Tamil Tiger rebels has raised hopes of an end to nearly two decades of war and the island attracting much-meeded investment. ($1=96 rupees)