Financial bids from potential investors are expected in the January-March quarter, the official said.
New Delhi:
An official said the government may invite financial bids for the privatization of state-owned Shipping Corporation of India (SCI) in the March quarter.
“The demerger of non-core and land assets of the shipping corporation is in the final stages,” the official said. The process is expected to be completed in about three months, after which financial bids would be invited.
Financial bids from potential investors are expected in the January-March quarter, the official said.
In May, the board of Shipping Corp. approved an updated demerger plan to segregate SCI’s non-core assets to Shipping Corporation of India Land and Assets Limited (SCILAL), including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai. was approved. To complete the process of de-merger of all non-core assets into the new company SCILAL.
As per the balance sheet of SCI, the value of non-core assets held for demerger as on March 31, 2022 was Rs 2,392 crore.
In March 2021, the government had received several bids for the privatization of the Shipping Corporation of India. However, the demerger process got delayed.
The Department of Investment and Public Asset Management (DIPAM) had, in December 2020, invited Expression of Interest (EoI) for the transfer of management as well as strategic disinvestment of its entire 63.75 per cent stake in Shipping Corp of India.
The cabinet had given in-principle approval to the strategic disinvestment of Shipping Corp in November 2020.
The government has budgeted to raise Rs 65,000 crore from disinvestment of Central Public Sector Enterprises (CPSEs) in the current financial year 2022-23. 24,544 crore has been raised so far through disinvestment of CPSEs.
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