Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Disinvestment Industry & Economy - Disinvestment Logistics - Shipping Four companies shortlisted for SCI stake Our Bureau
NEW DELHI, June 11 THE Disinvestment Ministry has pre-qualified four bidders including Essar group, Sterlite and Videocon for acquiring a controlling stake of 51 per cent in Shipping Corporation of India (SCI). All the four bids, including one from a foreign entity, were found fulfilling the net worth criteria of Rs 1,000 crore, by the Inter-Ministerial Group (IMG), which met here on Tuesday to screen the expressions submitted by the interested parties for buying SCI. The Government had earlier decided to seek rebids for SCI after most of the bidders including Great Eastern Shipping had pulled out from the race citing inordinate delays in the decision-making process. Disinvestment Ministry officials admitted that the response to the re-bidding has been poor. "With tonnage tax not coming and our taxation being much higher, we still hoped that hiking the foreign equity limit in SCI to 51 per cent would elicit a much better response from foreign bidders than last time. But, the response is very poor", a Ministry official said.
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