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Govt gets multiple bids for Shipping Corporation of India privatisation

The government has received multiple bids for privatisation of Shipping Corporation of India, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Monday.

DIPAM in December had invited expressions of interest (EoI) for strategic disinvestment of its entire stake of 63.75 per cent in Shipping Corp of India, along with the transfer of management.The last date for submitting the bids was February 13, which was later extended to March 1.

“Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage,” Pandey tweeted.

The Cabinet had in November last year given an in-principle approval for strategic divestment of Shipping Corp and Container Corp of India Ltd. However, the plans were delayed due to the pandemic.

In her Budget speech for 2021-22 Finance Minister Nirmala Sitharaman had said, “a number of transactions namely Bharat Petroleum Corp Ltd, Air India, Shipping Corp of India, Container Corp of India, IDBI Bank, BEML Ltd, Pawan Hans, Neelachal Ispat Nigam Ltd among others would be completed in 2021-22.”

The government has already received multiple EoIs for privatisation of BPCL, Air India, and Pawan Hans.

For 2021-22, the government has set a disinvestment target of Rs 1.75 lakh crore, over five times what it is aiming to raise in the current financial year. In the Revised Estimates, the target has been set at Rs 32,000 crore for current fiscal.
Source: The Hindu Business Line

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