India to invite fresh bids for Shipping Corporation sale

Wednesday, 16 April 2003, 19:30 IST
Printer Print Email Email
NEW DELHI: The Indian government Tuesday said it would invite fresh bids for privatising the state-run Shipping Corporation of India after changing guidelines for participation by foreign companies in the process. The Cabinet Committee on Disinvestment (CCD) decided to invite fresh bids for its 51 percent stake in Shipping Corporation, the country's largest shipping line, said Disinvestment Minister Arun Shourie after a cabinet meeting here. Under the changed guidelines, there will be no limit on the level of foreign investment in the bidding company, Shourie said, adding the privatisation of the state-run company would be completed swiftly. The government's earlier invite to privatise the Shipping Corporation had evoked a poor response because of its policy of allowing foreign companies to hold no more than 26 percent of any group of bidders. The government had planned to complete the privatisation of Shipping Corporation in the fiscal year ended March 31. SBI Capital Markets Ltd. and Lazard India Ltd. were appointed advisers to the government on the sale.
Source: IANS