The Indian government invited bids to sell its 63.75% stake in Shipping Corporation of India (SCI) to a private investor. In a statement, the government said the deadline for submitting initial bids would be Feb. 13.
The government plans to sell about 296.9 million shares, its entire stake of 63.75%, according to a newspaper advertisement. At current stock prices, SCI’s total market value is about ₹4,000 crore. The Cabinet Committee on Economic Affairs in November last year gave in-principle approval for the strategic divestment of Shipping Corp. However, the plans were delayed due to the pandemic. The 2020-21 Budget has set a record divestment target of ₹2.1 lakh crore.
The strategic sale process of BPCL and Air India is ongoing and both the companies have received “multiple” expressions of Interest (EoI) from potential buyers.