India Business Journal - Govt invites EoIs for stake sale in SCI

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Govt invites EoIs for stake sale in SCI

IBJ Bureau
Dec 31, 2020

The government has invited Expressions of Interest (EoIs) for strategic disinvestment of its 63.75 per cent stake in Shipping Corp of India (SCI), along with the transfer of management control by February 13. The Department of Investment and Public Asset Management (DIPAM) has also issued a Preliminary Information Memorandum (PIM), inviting EoI from potential buyers by February 13. The memorandum has added that certain non-core assets will be hived off from SCI. Further, matters such as conditions relating to the bearing of Indian flag, employees’ protection, retirement policy, including VRS, asset stripping, business continuity, lock-in of the shares acquired in the transaction, will be specified later.