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Having granted in-principle approval, the Centre has invited expressions of interest (EoI) for disinvesting its entire shareholding of 63.75 per cent, along with the transfer of management control, in Shipping Corporation of India Ltd (SCI), a listed company.
This was tweeted by Secretary, Department of Investment and Public Asset Management (DIPAM). Interested players have to submit bids by February 13, 2021, said a preliminary information memorandum document.
RBSA Capital Advisors is the transaction advisor to the disinvestment.
Also read: Cargo container manufacturing hub planned at Bhavnagar
SCI is the only Indian shipping company operating break-bulk services, international container services, liquid/dry bulk services, offshore services and passenger services. A Central public sector enterprise (CPSE) under the administrative control of the Ministry of Ports, Shipping and Waterways, it is the largest Indian shipping company in terms of capacity with a varied fleet profile, according to the document.
Also, it mans and manages a large number of vessels on behalf of various government departments and organisations. SCI was incorporated by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation as India’s first public sector company in shipping on October 2, 1961.
Also read: Shipping Corp loses top executives as succession planning falters
Earlier moves
In 1992, the government disinvested 18.51 per cent of its shareholding in the company in favour of financial institutions, mutual funds, banks and foreign institutional investors. Later in the same year, the equity shares of the company were listed on major Indian stock exchanges. In 1994, the government further divested 1.37 per cent of its holding in SCI.
In 2000, the company was conferred Miniratna status for enhancing the board powers for capital investment. As on November 27, 2020, SCI’s authorised capital is ₹1,000 crore and paid-up share capital is ₹465 crore, according to the preliminary information memorandum document.
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