Indian Government To Start SCI Divestment Road Shows In January 2023
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The government is doubling down on the disinvestment program before 2022 and 2023 end and is now looking forward to starting roadshows for the Shipping Corporation of India (SCI) divestment in January, people aware of the process said.
Discussions are going on with Islamic Republic of Iran Shipping Lines for initiating the transfer of the stake to SCILAL from Irano Hind Shipping, and the demerger of SCILAL and Shipping Corp will be done by early January, an official who knows of the discussions informed.
Collaboration with SCI and Irano Hind Shipping operates as the Islamic Republic of Iran Shipping Lines’ subsidiary.
The SCI divestment procedure involves the transfer and demerger of land and non-core assets of the firm into the Shipping Corporation of India Land and Assets (SCILAL).
Financial bids from investors are going to be invited after the demerger as well as relisting of the SCILAL
In October, one of the firm’s senior executives confirmed that SCI had secured backing from lenders concerning the demerger scheme.
The Ministry of Ports, Shipping, and Waterways asked the SCI in April to successfully expedite the demerger of its non-core assets to the SCILAL and requested reviewing the demerger for hiving off non-core assets.
In May 2022, the SCI board approved an updated demerger to hive off non-core assets belonging to SCI to the SCILAL. Per SCI’s balance sheet, the total value of non-core assets for the demerger as on 2022’s 30 September was Rs 2,392 crore.
India’s largest Indian shipping major reported a 48.81% drop to Rs 124 crore in the firm’s consolidated net profit for the quarter that ended in September last year, despite its income rising 12.5% to hit Rs 1,458 crore during that quarter. SCI added that its shareholders have reportedly approved a dividend of Rs 0.33/equity share of face value worth Rs 10 each.
The Department of Investment and Public Asset Management in 2020 (December) had reportedly invited expressions of interest for strategic disinvestment of a 63.75% stake in SCI with a management transfer.
The cabinet in 2020 (November) had given in-principle approval for strategic divestments of the SCI.
References: India Times, Maritime Gateway
Indian Government To Start SCI Divestment Road Shows In January 2023 appeared first on Marine Insight – The Maritime Industry Guide
Source: Maritime Shipping News