Government invites bids for selling its stake in Shipping Corporation of India

Government invites bids for selling its stake in Shipping Corporation of India
PIXABAY
New Delhi, The Centre has expanded its strategic disinvestment plan for current fiscal initiating the sell-off plan for Shipping Corporation of India Ltd (SCI) by inviting expression of interest from potential interested parties.

The government proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control.

The proposed initiation of strategic sale plan for SCI is the second big initiative by the Centre after two of its entities - Air India and BPCL have reached advanced stages of bidding to sell the entire government equity.

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For the strategic disinvestment of Shipping Corporation of India (SCIL) EoI and PIM (preliminary information memorandum) have been published, DIPAM Secretary Tuhin Kanta Pandey said in a tweet.

Interested players have to submit initial bids by February 13, 2021, said a preliminary information memorandum document.

RBSA Capital Advisors is the transaction advisor to the disinvestment.

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