Govt committed to SCI sale: minister

NEW DELHI: Union Shipping Minister Ved Prakash Goyal said on Friday the government was committed to privatisation of state-run Shipping Corp of India (SCI), the country''s largest shipping line.
"I want to take this opportunity to clear all doubts about the government''s commitment...," Goyal said in a statement, adding three potential buyers had completed due diligence for SCI, which has 40 percent of India''s shipping tonnage.
The statement followed a call on Thursday by Defence Minister George Fernandes for a mid-term review of the country''s privatisation drive which has been dogged by delays.
The government owns 80 per cent of SCI and plans to sell a 51 per cent stake to a strategic investor. Goyal set no date for finishing the sale but in October an official at a firm advising the government on the deal said it would be completed by December.
After the minister''s statement, SCI''s shares were up 11.64 per cent at Rs 62.80 on the Bombay Stock Exchange, outpacing the benchmark index which was up 1.26 per cent.