New Delhi: The government has extended the deadline for the submission of Expression of Interest (EoI) for disinvestment-bound Shipping Corporation of India (SCI) to March 1, a notification released by the Department of Investment and Public Asset Management (DIPAM) showed. The last date for the submission of EoI was February 13. In case the EoI is submitted via e-mail, then the date for the submission of hard copy has also been extended from March 1 to March 15.
The government had floated a preliminary information memorandum (PIM) on December 22, 2020 and had invited global bids for the disinvestment of its stake in the shipping PSU. The Cabinet Committee on Economic Affairs (CCEA) had given an in-principle approval for the strategic divestment of Shipping Corporation in November 2019. However, the process got delayed because of the COVID-19 pandemic.
Along with announcing an extension in the EoI submission deadline, DIPAM also issued a clarification on the date of computation for net worth and EBITDA. "It is clarified that the Net Worth and EBITDA shall be computed as on 31st December 2019 or thereafter. In other words, the date for computation of Net Worth as mentioned in PIM as '31st March 2020' is now revised to '31st December 2019 or thereafter'. Provided that for the avoidance of doubt, it is further clarified that the Net Worth shall continue to remain satisfied till the time the Transaction is consummated or such other period that may be disclosed at the RFP stage," said the notification.
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.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)