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Panel on divestment okays privatisation of Shipping Corporation of India

Tuesday, 15 Dec 2020

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The panel on divestment headed by Cabinet Secretary Rajiv Gauba has approved the expression of interest (EoI) and preliminary information memorandum (PIM) for the Shipping Corporation of India, paving the way for its privatisation.

The Core Group of Secretaries on Divestment (CGD) approved conditions for privatising the government-owned company that owns a fleet of bulk carriers, crude oil tankers, among others.

This will now be taken up by the alternative mechanism or ministerial panel on divestment.

The conditions approved by CGD include the new buyer having a minimum net worth of little less than Rs 2,500 crore.

The market capitalisation of the company was Rs 3,922 crore, and the government’s 63.75 percent stake in the shipping company was valued at Rs 2,500 crore.

Other conditions of the sale, such as a lock-in period for a new buyer and a business continuity plan, will not be a part of PIM, but will be included in the share purchase agreement.

The proposal is likely to be tabled before the ministerial panel by 18 December 2020. The company, whose interest spans across segments in shipping trade, had received good response from investors during road shows.

The majority stake sale, along with transfer of management control, that’s being targeted for completion in 2020, will help the government in mopping up divestment receipts at a time when its revenues are strained.