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The country’s largest shipping company ready to sell, the government will soon decide on IDBI, BPCL and Air India are also being sold

After BPCL and AI, the government has now decided to sell a large part of the Shipping Corporation of India (SCI). The Finance Ministry has invited bids for disinvestment and transfer of management and control in a strategic stake of 63.75 per cent. The central government has asked for EoI by 13 February.

Experts believe that Essar Shipping, Adani, Vedanta, GE Shipping and Dubai Port World can participate in it. It is estimated that the Modi government will get around Rs 2500 crore from this deal. There are 2969 lakh shares of SCI to be sold which were delayed due to pandemic. Investors can bid for it separately or by forming a consortium. RBSA Capital Advisor LLP will be the advisor to the government in this matter.

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Disinvestment Secretary Tuhin Kant Pandey told TV channels that the Cabinet would soon consider selling IDBI Bank. He said that the buyer of BPCL can be found in the next 6 months and information about the bidder of Air India will be given by January 5. The government has set a target of raising Rs 2.10 lakh crore through disinvestment till the next financial year.

So far, the government has been able to achieve the target of only 11,006 crores. The government has decided to sell 29.69 crore equity shares of Shipping Corporation which are equal to 63.75 percent. So far, the company’s market valuation is around Rs 4000 crore.

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SCI is India’s largest shipping company and its fleet consists of 59 vessels. This includes crude oil tankers, large crude oil carriers, petroleum product carriers, LPG carriers, bulk carriers, container ships, and offshore support vehicles.

The government plans to set up a Development Finance Institution that can support the completion of many ambitious schemes. Through this, 111 lakh crore could be mobilized to complete the infrastructure pipeline. Debashish Panda, Financial Service Secretary, said that the banks are not right to take loans for long term projects at this time, so the formation of a new institution has become necessary.

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