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

The Prime Minister Narendra Modi-led authorities had, in 2019, introduced plans to privatise various state-run firms, together with promoting its stake in SCI, which was stalled attributable to 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 might 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, known as SCI Land Assets Ltd, should be listed earlier than April 23 and authorities plans to do this quickly, one of many two officers mentioned.

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

The officers didn’t need to be named because the plan shouldn’t be but public.

A closing determination shall be taken on April 14 by a panel headed by India’s cupboard secretary, they mentioned.

This panel may also contemplate a proposal to ask preliminary bids for promoting the federal government’s 31% stake in Container Corporation of India Ltd (CCRI.NS), which has been delayed since 2020, one of many officers mentioned.

The finance ministry didn’t instantly reply to an e mail in search of remark.

Reporting by Nikunj Ohri; Editing by Savio D’Souza

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