Indian Shipping Corp privatisation, Govt now invites financial bids
TWO government officials informed Reuters that the Indian government intends to solicit financial bids for the privatisation of Shipping Corporation of India Ltd (SCI) this month, Reuters reports.
The Modi-led government had proposed privatising several state-run companies, including divesting its stake in SCI in 2019, and 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 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.
source:SchedNet
- Evergreen's 24,000 TEU Ever Acme delivered 4 months ahead of schedule
- Major Chinese ports container volume up 2% in late November
- Japanese insurers to halt ship insurance for all of Russia
- Xeneta container rates alert: calm before storm, as long-term ocean freight rates hold steady ahead of expected new year pain
- APL England's box loss report finds ship's lashings in poor shape
