GoI receives several bids for the purchase of Shipping Corporation of India

In November 2020, after the Union Cabinet approved the plan to disinvest in the Shipping Corporation of India as a part of its strategic divestment plans, the Department of Investment and Public Asset Management (DIPAM) had summoned EoI (Expression of Interest) for selling its entire 63.75% stake in the company.

The last date for the submission of bids, which was earlier set at February 13, had been extended to March 1 due to delays caused by the sudden increase in COVID-19 infections.

Tuhin Kanta Pandey, Secretary of DIPAM tweeted on Monday – “Multiple Expressions of Interest have been received for privatization of Shipping Corporation of India Limited. The transaction will now move to the second stage.”

Union Finance Minister, Nirmala Sitharaman, in her Budget Speech on February 1, 2020, had named the Shipping Corporation of India, among many other companies, which the Government plans to transact during the 2021-2022 fiscal year.

Once the disinvestment of the Shipping Corporation of India is completed, it is expected to bring the Government of India considerably closer to its 2021-22 divestment target of Rs 1.75 lakh crore.

Responding to this tweet, the stock of the Shipping Corporation of India listed on the NSE shot up to a high of 14.60% by Rs 15.15 valuing the stock of the company at Rs 118.90.

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