Insta
Shipping Corporation Disinvestment Evinces Interest From Vedanta, DP World Among Others
Swarajya Staff
Nov 30, 2020, 05:27 PM | Updated 05:27 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Vedanta and Dubai’s DP World have expressed interest in acquiring a stake in Shipping Corporation of India (SCI), The Economic Times reported citing people familiar with the matter.
The roadshow organised by DIPM reportedly attracted up to 9 potential investors, including shipping companies from Norway and South Korea.
While DP Dubai is among the top global players in cargo terminal operations, Vedanta is looking for captive fleet organisation that could support its mining and energy business.
The Union Cabinet on 20 November 2019 had accorded ''in-principle'' approval for strategic disinvestment of Government of India's shareholding of 63.75 per cent in SCI along with transfer of management control to a strategic buyer.
The Union government's Department of Investment and Public Asset Management (DIPAM) has appointed RBSA Advisors as the transaction advisor for the privatisation of SCI.
In November, the company’s board sought bids for a consultant to undertake de-merger/disposal of its non-core assets (real estate) ahead of its stake-sale and to carry out corporate restructuring for better operational performance.
SCI is largest Indian shipping company with a fleet strength of 59 vessels at present. It runs a fleet of 59 ships, including crude oil tankers, very large crude carriers, petroleum product carriers, liquefied petroleum gas carriers, bulk carriers, container ships and off-shore support vessels.
SCI owns and operates around one-third of the Indian tonnage, and has operating interests in practically all areas of the shipping business; servicing both national and international trades.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.