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GE Shipping not to pursue SCI acquisition

By SiliconIndia  |   Thursday, 21 November 2002, 00:00 Hrs
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MUMBAI: Great Eastern Shipping Company today decided to pull out of the race for a majority 51% stake in Shipping Corporation of India "for the time being in the light of the continued uncertainty on the timing of the sale process".

On November 15, union minister of shipping Vedprakash Goyal had said that government, which holds around 80% equity in SCI, should sell its stake at the right time and the right price.

He had stated that SCI equity price had come down from the peak of Rs 111 a share to Rs 58 now and equity should be sold at the best time and price.

As and when the financial bids for the SCI are invited, the company would re examine the acquisition of SCI as one of the Investment opportunities, depending on when the bids are invited, evaluation of specific transactional matters, the business environment at that time and SCI's performance in the interim, the company added.

This decision by the company now leaves only two parties - Essar Shipping and Sterlite - in the fray.

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