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Govt to invite financial quotes for SCI sale by September

Govt to welcome monetary bids for SCI sale by September

BRAND-NEW DELHI: The government is most likely to invite financial bids for Shipping Corporation of India by September, after the process of demerger of non-core assets is finished, an authorities stated.
As part of the strategic-sale process, the government is hiving off Shipping Home and the training institute in Pune and some other non-core assets of Shipping Corporation of India (SCI).
“The procedure of demerger is time consuming. We would be all set to welcome financial bids in 3-4 months,” the official said.
The board of Shipping Corp fulfilled last week and authorized an upgraded demerger scheme for hiving off the non-core possessions of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to finish the process of de-merging all the non-core properties to the new business SCILAL.
Based on the balance sheet of SCI, the worth of non-core assets held for demerger since March 31, 2022, stood at Rs 2,392 crore.
The SCI board in August in 2015, had actually authorized a demerger scheme for hiving off the determined non-core possessions and bundled SCILAL in November 2021, for holding such assets of the company, which is under the Ministry of Ports Shipping and Waterways.
The Ministry in April 2022, had actually directed SCI to speed up the procedure of demerger of non-core possessions of SCI to SCILAL and likewise requested the Board of SCI to examine the demerger plan for hiving off the non-core properties, consisting of Shipping House, Mumbai and MTI, Powai.
“Such modifications do not have any effect on carrying value of non-core properties in the financial declarations. The implementation of the Plan including the modified scheme remains in process and considering the reiteration by MoPSW and DIPAM to speed up the demerger procedure, there is a certainty of conclusion of the procedure in the near future …,” based on the SCI independent auditor’s report presented to the Board.
In March in 2015 the government had received numerous bids for privatisation of Shipping Corporation of India.
The Department of Financial Investment and Public Property Management (DIPAM) in December 2020, had invited expressions of interest (EoI) for tactical disinvestment of its entire stake of 63.75 per cent in Shipping Corp of India, along with the transfer of management.
The Cabinet in November in 2020, had actually offered in-principle approval for strategic divestment of Shipping Corp.
. The privatisation of SCI is now most likely to be finished in the current fiscal. The federal government has budgeted to gather Rs 65,000 crore from CPSE disinvestment in the continuous 2022-23 fiscal.
While the government has actually already raised Rs 3,000 crore from minority share sale in ONGC, another Rs 21,000 crore would come in from the ongoing IPO of Life Insurance Corporation this month and Rs 211.14 crore after the handover of Pawan Hans management control to Star9 Movement Pvt Ltd, a consortium of Huge Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas Global Chance Fund SPC, by June.

Released at Sun, 08 May 2022 09:28:01 +0000

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