Transaction, legal advisors working towards SCI disinvestment: Shipping Ministry
Ministry has recently said post ''in principle'' approval for strategic
disinvestment of government shareholding in Shipping Corporation of India
(SCI), transaction and legal advisors are working in this direction.
Replying to a query
regarding SCI privatisation in the Rajya Sabha, Shipping Minister Mansukh
Mandaviya also said, "The government can make requisition of any Indian
assets, including Indian ships, during a war or national emergency".
Advisor and Legal Advisor have been appointed by the Government for the
transaction Mandaviya said
(Cabinet Committee on Economic Affairs) in its meeting held on November 20,
2019 accorded ''in - principle'' approval for strategic disinvestment of
Government of India's shareholding of 63.75 per cent in SCI along with transfer
of management control to a strategic buyer. Transaction Advisor and Legal
Advisor have been appointed by the Government for the transaction,"
(transaction advisor) and LA (legal advisor) are taking appropriate steps for
processing the transaction, he added.
Shipping Corporation has a
fleet strength of 59 vessels at present and is the largest Indian shipping
company catering to the overseas and coastal transportation of goods.