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Vedanta, Meil, Great Eastern Shipping, others bid for Shipping Corp: Report

In November 2020, the Cabinet approved strategic divestment of the Centre's stake in Shipping Corporation of India.

March 09, 2021 / 10:03 AM IST
 
 
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Vedanta Resources, Megha Engineering and Infrastructure (Meil), and Great Eastern Shipping are bidding for the government's 63.75 percent stake in Shipping Corporation of India (SCI).

Vedanta Resources, Megha Engineering and Infrastructure (Meil), and Great Eastern Shipping have submitted separate expressions of interest (EoIs), Mint reported.

Safesea Group and a consortium comprising of Foresight Offshore Drilling, Exmar NV, and Dubai-based GMS DMCC have also submitted EoIs, the report said.

Moneycontrol could not independently verify the story.

Spokespersons for Vedanta Resources and Great Eastern Shipping declined to comment when contacted by Mint. A spokesperson for Megha Engineering confirmed the company's interest in SCI.

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Also read: Exclusive | Stake sale in BPCL, Air India and SAIL units at an advanced stage, says govt

"This (EoI) will be followed by a shortlisting of qualified interested parties, post which RFP (request for proposal) and draft definitive agreements will be shared through a data room created for this purpose. Post this, financial bids will be submitted, and a reserve price will be fixed," a source told the paper.

"Once a buyer has been selected, it has to make an open offer to public shareholders to acquire a minimum of 26 percent shares of SCI," the report said.

In November 2020, the Cabinet approved strategic divestment of the Centre's stake in SCI. The Centre has set a total divestment target of Rs 1.75 lakh crore for FY22, which includes major planned privatisations such as SCI, Air India, and BPCL.
Moneycontrol News
first published: Mar 9, 2021 10:03 am

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