IMG on SCI disinvestment on Apr 29

NEW DELHI: The Inter-Ministrial Group of disinvestment of Shipping Corporation of India is likely to meet on April 29 to finalise the sell-off details.
The IMG meeting, held in the backdrop of Cabinet Committee on Disinvestment deciding to call for fresh bids to enable foreign companies to participate, is likely to finalise the Expression of Interest (EoIs) for selling Government''s 51 per cent stake in SCI, official sources said here.
Though there were two bidders - Essar Shipping and Sterlite - still in race for acquiring SCI, the CCD on April 15 decided to seek fresh bids for 51 per cent stake in the company for which any foreign company could participate in line with 100 per FDI allowed in the shipping sector.
Sources said the IMG was also likely to deliberate on valuation of ship assets and procedure to be adopted for security clearance.
The government, which currently holds just over 80 per cent stake in SCI, would divest its residual equity in the company through a public offering to ensure that it continued to be listed on the bourses even after the successful open offer for additional 20 per cent equity by the strategic investor.