Shipping Corp Land and Assets listing likely within a month, says DIPAM secretary

The Maharashtra Cabinet has given stamp duty exemption on the demerger.

The demerger of SCI and SCILAL into separate entities was approved by the Ministry of Corporate Affairs in February last year

The listing of the shares of Shipping Corporation of India Land and Assets (SCILAL) on stock exchanges is likely to be completed within a month as the Board has been set up and hurdles around the stamp duty exemption sorted, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said.

“I think within a month it (SCILAL) will be listed. The Board has been constituted for SCILAL by the ministry of shipping and certain decisions have also been taken by the Maharashtra government. The Cabinet has also given a stamp duty exemption on this demerger. So, from SCI to SCILAL, the lease transfers, the lease name change, et cetera is taking place,” Pandey told Moneycontrol during an interview.

A major hitch to the demerger was related to the waiver of stamp duty by the Maharashtra government, expected to be around Rs 300 crore. The demerger of SCI and SCILAL into separate entities was approved by the Ministry of Corporate Affairs in February 2023 but it has since faced multiple delays.

SCILAL was formed in November 2021 to hold the non-core assets of SCI, which falls under the ministry of ports, shipping and waterways.