Government extends deadline for EOI submission for Shipping Corp to March 1 | Business Upturn

Government extends deadline for EOI submission for Shipping Corp to March 1

The government on Friday extended the deadline for submission of initial bids to buy Shipping Corporation of India to March 1.

On December 22, Department of Investment and Public Asset Management (DIPAM), the government’s asset sale department, invited expressions of interest to privatise Shipping Corporation by selling the government’s 63.75 per cent stake, along with the transfer of management.

The Department of Investment and Public Asset Management (DIPAM) in December had invited expressions of interest for strategic disinvestment of its entire stake of 63.75 per cent in Shipping Corporation of India, along with the transfer of management to a strategic buyer

The last date for submitting the bid was February 13.

As per the notice from DIPAM, the last date for submission of EoI has been extended to March 1.

In November last year, the Cabinet had given in-principle approval for strategic divestment of Shipping Corp and Container Corp of India Ltd. However, the plans were delayed due to a delay by the SCI management in hiring a consultant for undertaking de-merger/disposal of its non-core assets (real estate) ahead of the sale and to carry out corporate restructuring for the better operational performance of the navratna company.

For 2021-22, the government has set a disinvestment target of Rs 1.75 lakh crore, over five times what it is aiming to raise in the current financial year. In the Revised Estimates, the target has been set at Rs 32,000 crore for current fiscal.