Shipping Corporation is all set to be privatized early next year as the disinvestment schedule of the govt begins

2020-12-21 17:40:15 Shipping News

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.

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