Government to invite financial bids for Shipping Corp of India sale

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The government is likely to invite financial bids for Shipping Corporation of India (SCI) by September, after the process of the demerger of non-core assets is completed, an official said. As part of the strategic-sale process, the government is hiving off Shipping House and the training institute in Pune and some other non-core assets of Shipping Corporation of India (SCI).”The process of demerger is time consuming. We would be ready to invite financial bids in 3-4 months,” the official said. The board of Shipping Corporation met last week and approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL.As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore.

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