Government kicks off sale of majority stake in Shipping Corporation of India
The Indian government on Tuesday invited bids to sell its 63.75 per cent stake in Shipping Corporation of India (SCI) to a private investor, to continue with its disinvestment process that was delayed due to the Covid-19 pandemic.
The deadline for submitting initial bids has been scheduled for February 13.
At current stock prices, SCI's total market value of SCI is about Rs 3,915 crore.
The strategic disinvestment of the shipping company was approved by the Union Cabinet in November last year.
SCI runs a fleet of 59 ships, including crude oil tankers, very large crude carriers, petroleum product carriers, liquefied petroleum gas carriers, bulk carriers, container ships and off-shore support vessels. The company has three operating divisions: liner and passenger services, bulk carrier and tanker division and technical and offshore services.
Besides, SCI has a subsidiary, Inland & Coastal Shipping Ltd, and four joint venture companies that own the LNG carriers in which SCI has a stake.
The shipping major also has valuable real estate located at Mumbai and Kolkata but these non-core assets are expected to be excluded from the sale process.
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