The stage is set for privatizing the state owned shipping behemoth shipping
corporation of India as the goverment fast tracks the disinvestment deals
delayed due to corona virus pandemic
As part of the process the government is likely to invite bids for
privatising Shipping Corporation of India this week and buyers will have time
till mid February to submit Expression of Interest according to sources. The
government is planning to sell its entire 63.75 per cent stake in Shipping
Corporation along with transfer of management control.
Bidders will to
submit their expression of interest in the next 60 days after PIM issued
"The Preliminary Information Memorandum (PIM) will be issued in a few
days and bidders will have time to submit their expression of interest in the
next 60 days. .
The Department of Investment and Public Asset Management (DIPAM) is working
towards concluding the sale in the current financial year as there is good
investor interest and the transaction size is not big.
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 Rs 2.1 lakh crore.