The Central  government is reportedly planning to invite financial bids for the privatization of Shipping Corporation of India (SCI) next month. The government is looking to sell the state-run company after a delay of years. Shipping Corp of India owns and operates around one-third of India’s total tonnage. 

As per reports, the government is now planning to invite financial bids for Shipping Corporation of India by mid-May. The plan is yet to be made public.  The final decision, however, will be taken on April 14 by a Committee headed by the cabinet secretary. 

Shipping Corporation of India had to spin off its non-core assets before the government could sell its 63.75% stake. The divestment hit roadblocks over the amount of funds that had to be transferred to the demerged entity. The spinoff received regulatory nods in February and was completed last month. 

As per the report, the Shipping corporation will have to list the demerged entity called SCI Land Assets before April 23.  The Committee will also consider a proposal to invite initial bids for the government’s 31 percent stake in Container Corporation of India (CCI), which too has been delayed since 2020. 

These decisions come as the Prime Minister Narendra Modi-led government announced plans to privatise a number of state-run companies, including selling its stake in Shipping Corporation of India. 

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