Insta
Govt Shortlists Three Bidders For Sale Of Its 63.75 Per Cent Stake In Shipping Corporation Of India
Swarajya Staff
May 07, 2021, 08:06 AM | Updated 08:06 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In a boost for the government's disinvestment push, three bidders have been finalised for the sale of its 63.75 per cent stake in Shipping Corporation of India (SCI), reports Economic Times.
The three bidders finalised for the next round of the disinvestment procedure are United States (US) based Safesea, Hyderabad based Megha Engineering and Infrastructure, and a consortium led by non-resident Indian businessman Ravi Mehrotra. All three have met the technical and financial criteria and have also received the security clearance.
Now, the shortlisted bidders will be issued a request for proposal. They will be signing a confidentiality undertaking following which they will be permitted to carry out due diligence on the shipowner as per the conditions laid out in a preliminary memorandum which was issued by the Government on 22 December.
Among the noted bidders who could not make it to the next round include a consortium of private equity firm Bain Capital and shipping major JM Baxi. The consortium's application is said to have had a technical issue that played a spoiler.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.