Around 400 serving and 200 former employees
with the support of three Indian investors are considering a bid for Shipping
Corporation of India Ltd, which has been lined up for privatisation by the
“It was decided on
Monday, Jan 4, that employees will participate in the expression of interest
issued by the government,” a person briefed on the matter said, asking not to
“A working group
formed for the purpose is preparing a roadmap on a potential bid; the structure
of the bidding special purpose vehicle/consortia is being worked out,” a second
person with knowledge of the discussions, said. He too declined to be named.
three investors Indians, one of them based in India
“All the three
investors with whom the employees are in discussions are Indians and one of
them is based in India,” he added, without disclosing the names.
On December 22,
the Department of Investment and Public Asset Management (DIPAM) invited
expression of interest to privatise Shipping Corporation by selling the
government’s 63.75 per cent stake to a strategic buyer.
Potential bidders have time until February 13 to file their interest.
management/employees of SCI have been allowed to participate in the bid, if
they meet the eligibility criteria, including a net worth of at least 2,000 crore,
as applicable to other bidders, according to the preliminary information
memorandum issued by DIPAM for the stake sale.