The Indian government is selling its 63.75% stake in SCI.The successful acquirer will also have to make an open offer for a further 26% in the company held by the public share holders as the change of control or takeover norms prescribed by the securities  and exchange board of India. SCI were trading on monday  up 3.75% from previous  days closure, based on this, a potential  acquisition could cost the up coming bidders about Rs.4348 crores or Usd 590 million.

Us based Safesea corporation and Bain Capital- backed ship operators J.M.Baxi & Co have submitted expression of interest (EOI) to participate in the privatisation process of SCI setting up a contest for takeover of the Navaratna  public sector  undertaking (PSU). Rumours are also afloat that a consortium led by an NRI business man by name Ravi Melrotra and an Hyderabad based company by name Megha Engg are also shortlisted for SCI stake.

Informatively, SCI is involved in the business of transporting goods and passengers.SCI owns fleet which includes bulk carriers, crude oil tankers,products tankers,container vessels, passenger cut cargo ships,LPG/Amonia carriers and offshore supply vessels.

As on November 2020 the company earned a revenue of Rs.4668 crores for the financial year ending 31st March 2020 and profit of Rs.336 crores.Its cumulative short term and long-term borrowing are Rs.3600 crores.

SCI is amongst the four PSU that India government has identified for privatisation  in the last fiscal year. The other companies running behind schedule due the Covid 19 outbreak and subsequent slowdown in business activities  are Air India,BPCL, and Container corporation of India (Concor)