Government has decided to sell its 63.75% stake in SCI to a private strategic buyer

The Shipping Corporation of India Limited has hired Corporate Professionals Capital Pvt Ltd as consultant for undertaking demerger/ hive off/ transfer of non-core assets and ‘assets held for sale’ ahead of the ongoing process of privatising the State-run fleet owner.

The consultant is tasked with suggesting a roadmap on the scheme of de-merger/hive off/ disposal/transfer/alienation of its non-core assets (real estate), both freehold and leasehold, from core assets for a smooth transition, ensuring compliance with required procedure and applicable laws and removing all legal and procedural bottlenecks to “maximise value for the company and shareholders”.

Decision to divest SCI didn’t sail with Ministry

The consultant will have to formulate the scheme of arrangement including all possible structures, tax advisory, design and develop a smooth transition without causing any adverse impact in customer services, market share, assisting and advising on all other activities relating to demerger including human resource related matters, re-casting of accounts, etc.

The government has decided to sell its 63.75 per cent stake in SCI to a private strategic buyer.

The Department of Investment and Public Asset Management (DIPAM) has received expression of interest from the Great Eastern Shipping Co Ltd; US-based Safesea Group; Vedanta Ltd; a consortium of Foresight Offshore Drilling Limited SA- Belgium-listed Exmar NV and Dubai-based shipping company GMS DMCC; Megha Engineering & Infrastructures Ltd backed by New York-based fund Interups Inc; JM Baxi Group; and Darwin Platform Group of Companies.

Source: thehindubusinessline