The Indian government expects to list the state-owned Shipping Corporation of India Land and Assets Ltd (SCILAL) by the end of this month,sources privy to the developments told CNBC-TV18.
After the listing of SCILAL, the government will invite financial bids for SCI, according to multiple sources. The government is selling 63.75 percent of SCI.Last year, the board of Shipping Corporation of India (SCI) approved an updated demerger scheme for hiving off the non-core assets of SCI to SCILAL, including Shipping House, Mumbai, and MTI (Maritime Training Institute), Powai, to complete the process of demerging all the non-core assets to the new company SCILAL.
As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore.In March 2021, the government received multiple bids for privatisation of the SCI. However, the demerger process got delayed.The Department of Investment and Public Asset Management (DIPAM) in December 2020, had invited expressions of interest (EoIs) for strategic disinvestment of its entire stake of 63.75 percent in SCI, along with the transfer of management.
The Union Cabinet, in November 2020, had given in-principle approval for the strategic divestment of SCI.
Source: CNBC TV 18
