Govt. invites EoI to divest full stake in Shipping Corp.


Feb. 13 is last date for bids; SCI saw โ‚น348 crore profit in FY20

The Centre on Tuesday invited expression of interest (EoI) for the disinvestment of its entire 63.75% shareholding in the Shipping Corporation India Limited (SCIL) along with the handing over of its management control. Potential bidders have time until February 13 to submit their interest.

The SCIL was incorporated in 1961 and owns a fleet of 59 vessels, including two container vessels, 13 crude oil tankers and eight off-shore supply vessels. It has been a profitable commercial venture and garnered โ‚น347.5 crore in profit in FY20. The remaining 36.25% stake is jointly owned by mutual funds, banks, insurance companies as well as individuals, according to the pre-bid document. Any private or public limited company registered, or a company / a fund incorporated outside India and eligible to invest in India is eligible to bid either as a sole bidder or as a part of a consortium.

Employees are permitted to participate in the transaction either directly and independently or by forming a consortium. The interested bidder should have a net worth of at least โ‚น2,000 crore and generated positive EBIDTA for 3 out of the past 5 years. Once the EoIs are evaluated, the Centre will float a โ€˜Request for Proposalโ€™. Thereafter, financial bids submitted by qualified parties will be opened and evaluated and a winner would be declared.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Support Quality Journalism.

*Our Digital Subscription plans do not currently include the e-paper, crossword and print.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.