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 âš4,000 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 âš2.1 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.
