Govt to list SCI's non-core assets on bourses this month, to invite privatisation bids post listing | Mint
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Business News/ Companies / News/  Govt to list SCI's non-core assets on bourses this month, to invite privatisation bids post listing
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Govt to list SCI's non-core assets on bourses this month, to invite privatisation bids post listing

The non-core asset business of Shipping Corporation of India (SCI) which is the SCILAL is valued at ₹2,392 crore as of 31 March,2022.

India’s largest shipping firm, Shipping Corporation of India (SCI) owns a 49% stake in the venture Irano Hind Shipping Company, while Islamic Republic of Iran Shipping Lines (IRISL) holds the remaining 51%. (India’s largest shipping firm, Shipping Corporation of India (SCI) owns a 49% stake in the venture Irano Hind Shipping Company, while Islamic Republic of Iran Shipping Lines (IRISL) holds the remaining 51%.)Premium
India’s largest shipping firm, Shipping Corporation of India (SCI) owns a 49% stake in the venture Irano Hind Shipping Company, while Islamic Republic of Iran Shipping Lines (IRISL) holds the remaining 51%.
(India’s largest shipping firm, Shipping Corporation of India (SCI) owns a 49% stake in the venture Irano Hind Shipping Company, while Islamic Republic of Iran Shipping Lines (IRISL) holds the remaining 51%.)

The Centre is likely to invite financial bids for the privatisation of Shipping Corporation of India after listing its non-core asset business on the stock exchanges this month.

The non-core asset business of Shipping Corporation of India (SCI) which is the SCILAL is valued at 2,392 crore as of 31 March,2022.

As part of the demerger process, SCILAL will be listed on the stock exchanges, and every shareholder of the Shipping Corporation of India (SCI) will get one share of SCILAL, reported PTI.

"The stock exchange listing of SCILAL should happen by June. Thereafter clarity will emerge of privatisation of SCI and then financial bids will be invited," an official told PTI.

The government currently holds a 63.75 per cent stake in SCI.

In February, the Ministry of Corporate Affairs approved the scheme of arrangement between the Shipping Corporation of India and SCILAL.

The cabinet, in November 2020, had given in-principle approval for the strategic divestment of Shipping Corp.

In December 2020, the Department of Investment and Public Asset Management (DIPAM) invited expressions of interest (EoI) for the strategic sale of its entire stake in SCI, along with the transfer of management control.

Following that, in March 2021, it received multiple EoIs for SCI privatisation.

Mumbai-headquartered SCI's owned fleet includes bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, LPG, and offshore supply vessels.

In the current fiscal, the government has set a disinvestment target of 51,000 croreThe Centre . It has mopped up 4,235 crore so far this fiscal through minority stake sales.

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Published: 11 Jun 2023, 10:16 PM IST
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