India Approves Sale of Shipping Corporation of India

shippingIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

India’s government has approved the sale of a majority stake in the Shipping Corporation of India (SCI).

Specifically, the government would divest its shareholding of 63.75 percent in the Mumbai-based shipping company.

The government will also transfer management control to a strategic buyer, according to the country’s Ministry of Finance.

The sale is part of India’s larger divestment program which also includes Bharat Petroleum Corporation Ltd (BPCL), Container Corporation of India (CONCOR), Tehri Hydro Development Corporation India Limited (THDCIL) and North Eastern Electric Power Corporation Limited (NEEPCO).

In 2015, India reinitiated the policy of strategic disinvestment in order to open up sectors for private enterprise to bring efficiency in management that would contribute to general economic development.

SCI was established in 1961 by the merger of Eastern Shipping Corporation and Western Shipping Corporation. SCI’s owned fleet includes more than sixty bulkers, tankers, containerships, passenger vessels, gas carriers and offshore supply vessels.

Due to its diversified fleet, there may not be a large number of bidders to purchase the stake in SCI, the company’s former Chairman and Managing Director SC Hajara was cited by Bloomberg as saying.

“I’m not very sure whether too many companies either in India or abroad will have interest (to buy) if it’s thrown open,” Hajara said in an interview.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >