{"id":3842,"date":"2019-11-25T20:41:27","date_gmt":"2019-11-25T17:41:27","guid":{"rendered":"https:\/\/www.al-sindbad.net\/?p=3842"},"modified":"2019-11-25T20:41:30","modified_gmt":"2019-11-25T17:41:30","slug":"india-approves-sale-of-shipping-corporation-of-india","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/india-approves-sale-of-shipping-corporation-of-india\/3842\/","title":{"rendered":"India Approves Sale of Shipping Corporation of India"},"content":{"rendered":"<div class=\"content\">\n<p><strong>India\u2019s government has approved the sale of a majority stake in the Shipping Corporation of India (SCI).<\/strong><\/p>\n<p>Specifically, the government would divest its shareholding of 63.75 percent in the Mumbai-based shipping company.<\/p>\n<p>The government will also transfer management control to a strategic buyer, according to the country\u2019s Ministry of Finance.<\/p>\n<p>The sale is part of India\u2019s larger divestment program which also includes Bharat Petroleum Corporation Ltd (BPCL), Container Corporation of India (CONCOR), Tehri Hydro Development Corporation India Limited (THDCIL) and North Eastern Electric Power Corporation Limited (NEEPCO).<\/p>\n<p>In 2015, India reinitiated the policy of strategic disinvestment in order to open up sectors for private enterprise to bring efficiency in management that would contribute to general economic development.<\/p>\n<p>SCI was established in 1961 by the merger of Eastern Shipping Corporation and Western Shipping Corporation. SCI\u2019s owned fleet includes more than sixty bulkers, tankers, containerships, passenger vessels, gas carriers and offshore supply vessels.<\/p>\n<p>Due to its diversified fleet, there may not be a large number of bidders to purchase the stake in SCI, the company\u2019s former Chairman and Managing Director SC Hajara\u00a0<a href=\"https:\/\/www.bloombergquint.com\/business\/there-will-be-few-takers-for-shipping-corporation-of-india-says-former-chairman\" target=\"_blank\" rel=\"noopener noreferrer\">was cited by Bloomberg<\/a>\u00a0as saying.<\/p>\n<p><em>\u201cI\u2019m not very sure whether too many companies either in India or abroad will have interest (to buy) if it\u2019s thrown open,\u201d<\/em>\u00a0Hajara said in an interview.<\/p>\n<p>World Maritime News Staff<\/p>\n<\/div>\n<div id=\"post_share_buttons\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s government has approved the sale of a majority stake in the Shipping Corporation of India (SCI). Specifically, the government would divest its shareholding of 63.75 percent in the Mumbai-based shipping company. The government will also transfer management control to a strategic buyer, according to the country\u2019s Ministry of Finance. The sale is part of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,57],"tags":[222,62],"class_list":["post-3842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-shipping-news","tag-india","tag-shipping"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/3842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=3842"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/3842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/3843"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=3842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=3842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=3842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}