Shipping Corporation of India DIVESTMENT - Govt aims to complete process by Dec 2021; stock ends 6% higher

The central government is all set to wind-up the disinvestment process of Shipping Corporation of India ((SCI) by December 2021, Zee Business Special Correspondent Chetan Bhutani tells Managing Editor Anil Singhvi quoting his top sources. 

Bhutani said, “The Department of Investment and Public Asset Management (DIPAM) has reached out to three bidders Mega Engineering Infrastructure Limited (MEIL), Great Shipping Corporation and Vedanta, stating that the government has speed up the divestment process.”

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“DIPAM has urged the top three bidders to be ready with respective bids and due diligence, as the government is moving on to next step of divestment, as it aims to complete the process by year-end,” the special correspondent pointed out quoting top sources.

He added, the department has also communicated the to three bidders of Shipping Corporation of India.

SCI के विनिवेश से जुड़ी बड़ी खबर...

सरकार दिसंबर 2021 तक पूरा करना चाहती है SCI का विनिवेश...DIPAM की टॉप 3 बिडर्स से बातचीत जारी- सूत्र

अनिल सिंघवी- सरकार के लिए SCI का विनिवेश करने के लिए अच्छा समय#SCI @AnilSinghvi_ @BhutaniChetan pic.twitter.com/vKcIqmmQt7

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In this regard, the managing editor said, first National Monetisation Pipeline and now divestment, the government is aiming to wind up everything by year end as only then the balance sheet of the financial year 2021-22 by March 2022 will be good.

Singhvi added, “It is a perfect time to divest Shipping Corporation of India, as there is an utmost need of containers, shipping company and if government completes disinvestment during this time then perhaps the value and money would be more.”

The divestment of Bharat Petroleum Corporation Limited, Shipping Corporation of India and Container Corporation is a litmus test for the government, the managing editor said

Earlier in February, Finance Minister Nirmala Sitharaman in her Budget 2021 speech had announced that the government to disinvest BPCL, ConCor, Shipping Corporation of India, IDBI Bank and also would list the Life Insurance Corporation of India on exchanges this year.

The shares of Shipping Corporation of India ended over 6 per cent higher to Rs 107.8 per share on the BSE as compared to 0.01 per cent rise in the S&P BSE Sensex on Thursday.