Niti Aayog proposes 26% stake sale in Shipping Corporation of India

The sale of the stake in Shipping Corporation of India could fetch the government Rs 960 crore in current market prices.

Niti Aayog proposes 26% stake sale in Shipping Corporation of India
NITI Aayog CEO Amitabh Kant addresses at a workshop titled 'Accelerating Sagarmala Implementation. Photo: IANS

NITI Aayog has proposed strategic sale of about 26% stake in Shipping Corporation of India, which could fetch about Rs 960 crore to the exchequer.

According to sources, the core group of secretaries on disinvestment, headed by the cabinet secretary, discussed the proposal and has mandated the Shipping Ministry to find out legal hassles, if any, in the process.

The government, at present, holds 63.75% stake in Navratna PSU Shipping Corporation of India.

After the sale of 26% stake, the government holding in the company will come down to 37.75%.

Sources said the proposal would soon go to the Cabinet Committee on Economic Affairs.

The sale of 26% stake could fetch about Rs 960 crore to the exchequer at current market prices.

The government has budgeted to raise Rs 15,000 crore through strategic sale of PSUs this fiscal.

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Written By: PTI
Updated: Wed, Jun 14, 2017
08:27 PM IST
New Delhi, PTI
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