DIPAM likely to float EoI for SCI disinvestment by Dec 18, say sources

• They said that the task of readying the EoI for SCI privatisation is in its final stages and is likely to receive a nod from the Cabinet Secretary-led panel soon

• According to sources, the government is going ahead with the disinvestment process on the basis of interest shown by potential investors during roadshows

New Delhi: The Centre is likely to invite Expression of Interest (EoI) for the disinvestment of Shipping Corporation of India (SCI) by December 18, sources aware of the development told PSU Watch. They said that the task of readying the EoI for SCI privatisation is in its final stages and is likely to receive a nod from the Cabinet Secretary-led panel soon, after which it will likely be released in the public domain by December 18. The government had announced its decision to privatise SCI in November last year. However, the plan got held up as the COVID-19 pandemic dealt a blow to the global economy and investor appetite.

The news also signals that the government is now willing to test the waters as the economy slowly recovers.

SCI disinvestment elicits interest from Vedanta, Adani, Essar

According to sources, the government is going ahead with the disinvestment process on the basis of interest shown by potential investors during roadshows. They added that a number of domestic and one global player may take part in the bidding process, going by the response received during roadshows. The list of domestic players who may throw their hat in the ring include, Adani Group, Vedanta, Essar Shipping and GE Shipping. In addition, Dubai's DP World and some other global funds have also shown interest in buying the government's stake in the PSU.

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SCI is India's largest shipping company, has 59 vessels 

SCI is India's largest shipping company with 59 vessels under its wing. Its owned fleet includes bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, phosphoric acid / chemical carriers, LPG / ammonia carriers and offshore supply vessels. As the country's premier shipping line, the 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. SCI is the only Indian shipping company operating break-bulk services, international container services, liquid/dry bulk services, offshore services, passenger services.

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