Govt invites preliminary bids to sell 63.75 pc stake in Shipping Corporation of India
New Delhi, Dec 23: The government on Tuesday invited expressions of interest for strategic disinvestment of its 63.75 per cent stake in Shipping Corp of India along with the transfer of management control.
The Department of Investment and Public Asset Management (DIPAM) has issued Preliminary Information Memorandum (PIM) inviting Expressions of Interest (EoI) from potential buyers by February 13, 2021.
Shares of Shipping Corp were trading at Rs 86.30, up 4.54 per cent over its previous close on the BSE.
At the current market price, the government's stake sale in Shipping Corp is valued at about Rs 2,500 crore.
The government has appointed RBSA Capital Advisors LLP as its transaction advisor to manage the disinvestment process.
The Cabinet Committee on Economic Affairs in November last year gave in-principle approval for the strategic divestment of Shipping Corp. However, the plans were delayed due to the pandemic.
The 2020-21 Budget has set a record divestment target of Rs 2.1 lakh crore.
The government has so far raised Rs 12,380 crore through minority stake sale in Central Public Sector Enterprises (CPSEs) and share buybacks this fiscal year.
Strategic sale process of Bharat Petroleum Corporation Limited (BPCL) and Air India is ongoing and both the companies have received "multiple" EoI from potential buyers.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
India-bound LPG tanker clears Hormuz
New Delhi (PTI): A tanker carrying liquefied petroleum gas (LPG) for India has sailed out of the Strait of Hormuz and is now headed towards the country, an official statement said on Sunday.
The Marshall Islands-flagged LPG carrier MT Sarv Shakti, loaded with 46,313 tonnes of LPG and staffed by 20 crew, including 18 Indians, cleared the key shipping chokepoint on May 2 and is expected to reach Visakhapatnam on May 13, it said.
The cargo -- enough to meet half a days requirement of the country -- will partly tide over supply constraints being faced since the start of the West Asia conflict more than two months back.
Ship-tracking data showed its position in Oman Gulf on Sunday evening.
The very large gas carrier has previously made runs between the Persian Gulf and Indian ports, has been chartered by state-owned Indian Oil Corporation (IOC).
Sarv Shakti is the first India-linked tanker to cross the war zone since a weeks-old US blockade of ships tied to Iran began, pushing transits through Hormuz back down to almost zero.
There are as many as 14 Indian flagged or India-owned vessels still stranded on the west side of the Strait of Hormuz.
The statement said no incident involving Indian-flagged vessels has been reported in the past 24 hours. The Ministry of Ports, Shipping and Waterways is working closely with the Ministry of External Affairs, Indian missions and maritime stakeholders to ensure crew welfare and uninterrupted operations.
The Directorate General of Shipping (DG Shipping) control room has handled 8,373 calls and more than 17,965 emails since activation, including 38 calls and 127 emails in the last 24 hours.
India has also facilitated the repatriation of more than 2,953 seafarers so far, including 31 in the past day from across the Gulf region.
Port operations across the country remain normal with no congestion reported, the statement added.
