By Nikunj Ohri

NEW DELHI, April 11 (Reuters) – The Indian authorities plans to ask monetary bids for the privatisation of Shipping Corp of India Ltd (SCI) subsequent month, because it seems to be to promote the state-run firm after years of delay, two authorities officers advised Reuters.

The Prime Minister Narendra Modi-led authorities had, in 2019, introduced plans to privatise numerous state-run firms, together with promoting its stake in SCI, which was stalled because of regulatory delays.

SCI – which owns and operates bulk carriers and crude oil tankers, amongst others – needed to spin off its non-core property earlier than the federal government may promote its 63.75% stake, which hit a roadblock over the quantity of funds to be transferred to the demerged entity.

SCI accomplished the spinoff final month after getting regulatory approval late in February.

This demerged entity, referred to as SCI Land Assets Ltd, must be listed earlier than April 23 and authorities plans to do this quickly, one of many two officers stated.

The authorities now goals to ask monetary bids for SCI, which owns and operates round one-third of India’s whole tonnage, by mid-May, stated the 2 officers.

The officers didn’t wish to be named because the plan just isn’t but public.

A last determination will likely be taken on April 14 by a panel headed by India’s cupboard secretary, they stated.

This panel can even take into account a proposal to ask preliminary bids for promoting the federal government’s 31% stake in Container Corporation of India Ltd, which has been delayed since 2020, one of many officers stated.

The finance ministry didn’t instantly reply to an e-mail looking for remark.

(Reporting by Nikunj Ohri; Editing by Savio D’Souza)

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