Disinvestment: CONCOR to hold roadshow in Mumbai on Jan 6

New Delhi: State-run CONCOR (Container Corporation of India Ltd) is going to hold a roadshow in Mumbai on January 6 ahead of disinvestment. In a regulatory filing on Saturday, the state-run company said that CONCOR's CMD V Kalyana Rama and Director (Finance) Manoj Kumar Dubey will take part in the roadshow in Mumbai, in line with an instruction from DIPAM (Department of Investment and Public Assessment Management).

CONCOR disinvestment: Roadshow in Mumbai on Jan 6

"We would like to inform that V Kalyana Rama, Chairman & Managing Director, CONCOR and Shri Manoj Kumar Dubey, Director (Finance), CONCOR along with the other Government representatives would be participating in investor road show organized in Mumbai on 6th. January, 2020 in accordance with the instructions of Department of Investment and Public Assessment Management (DIPAM), Government of India, with respect to the proposed strategic sale of 30.8% shareholding by Government of India in CONCOR," CONCOR said.

In a decision announced on November 20, 2019, Union Finance Minister Nirmala Sitharaman had said that the government will go for disinvestment of its 30.8 percent shareholding in CONCOR.

The backdrop

CONCOR posted a consolidated net loss of Rs 332.71 crore in Q2 of financial year 2019-20. The public sector undertaking's (PSU) performance has declined year-on-year as it had clocked a net profit of Rs 333.44 crore during the same quarter a year ago.

The total income of CONCOR during Q2 of FY2019-20 dropped marginally to Rs 1,800.45 crore from Rs 1,897.92 crore in the year-ago period. In Q2, CONCOR's total expenses stood at Rs 1,469.78 crores as compared to Rs 1,444.34 crores in the September quarter of the preceding fiscal year.