Shipping Corporation privatisation: Foresight Group among multiple bidders to buy government’s 63% stake

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Shipping Corporation privatisation: Foresight Group among multiple bidders to buy government’s 63% stake 

London-based transport agency Foresight Group is among the multiple bidders who’ve put in preliminary bids for getting the federal government”s total stake in Shipping Corporation of India, sources stated.

The authorities is promoting its total stake of 63.75 per cent in Shipping Corporation of India, together with the switch of administration management. The final date for submitting the expression of curiosity was February 13, which was later prolonged to March 1.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Monday tweeted “multiple expressions of interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage”.

The sources stated Foresight Group has bid in consortium with Belgium-based Exmar NV and Dubai-based GMS.

Essar Group in addition to Adani Group haven’t bid for Shipping Corp privatisation, the sources added.

In November final 12 months, the Cabinet had given an in-principle approval for strategic divestment of Shipping Corp and Container Corp of India Ltd. However, the plans have been delayed due to the pandemic.

In her Budget Speech 2021-22, Finance Minister Nirmala Sitharaman had stated, “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 authorities has already obtained multiple EoIs for privatisation of BPCL, Air India and Pawan Hans.

For 2021-22, the federal government has set a disinvestment goal of Rs 1.75 lakh crore, over 5 occasions what it’s aiming to increase within the present monetary 12 months. In the revised estimates, the goal has been set at Rs 32,000 crore for the present monetary 12 months.

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