TWO government officials informed Reuters that the Indian government intends to solicit financial bids for the privatisation of Shipping Corporation of India Ltd (SCI) in the coming month, Reuters reports.
The Indian government had proposed privatising several state-run companies, including divesting its stake in SCI in 2019, but regulatory delays impeded progress.
Before the government could sell its 63.75 per cent share, SCI had to dispose of its non-core assets, but the process hit a snag due to disputes over the amount of money that should be transferred to the new entity.
However, the regulatory approval was granted in February, and the spinoff was completed in the previous month.
The new company, called SCI Land Assets Ltd, must be listed before April 23, and the government is likely to pursue this soon, according to one of the officials.
The officials added that the government's goal is to receive financial bids for SCI, which is responsible for managing roughly one-third of India's total tonnage, by mid-May.
SeaNews Turkey
The Indian government had proposed privatising several state-run companies, including divesting its stake in SCI in 2019, but regulatory delays impeded progress.
Before the government could sell its 63.75 per cent share, SCI had to dispose of its non-core assets, but the process hit a snag due to disputes over the amount of money that should be transferred to the new entity.
However, the regulatory approval was granted in February, and the spinoff was completed in the previous month.
The new company, called SCI Land Assets Ltd, must be listed before April 23, and the government is likely to pursue this soon, according to one of the officials.
The officials added that the government's goal is to receive financial bids for SCI, which is responsible for managing roughly one-third of India's total tonnage, by mid-May.
SeaNews Turkey