Nisha
Das
13 October 2003
Mumbai:
The sale of Shipping Corporation of India (SCI) seems
to be on track as Minister of State for Shipping Dilip
Gandhi says the Indian government will invite bids for
selling a strategic stake in the corporation by 20 October.
The government owns 80 per cent in SCI and is planning to sell a 51-per cent stake to a strategic investor. Dredging Corporation of India (DCI), meanwhile, will go in for an initial public offering, by January 2004.
Gandhi says the government expects to raise Rs 250 crore via this public issue. Two merchant bankers, Enam and Kotak Mahindra, have been shortlisted as advisors for the sale. The government, which holds 98.56 per cent in Dredging, is planning to offload 20 per cent through a public offer.
The SCI share is currently trading higher by 1.83 per cent or Rs 2.50 at Rs 139.35 with volumes of 1368636 on the Bombay Stock Exchange.
DCI chairman and managing director Neerav Gupta says his company is planning to form joint ventures (JVs) and special purpose vehicles (SPVs) with foreign companies for carrying out specific projects and is scouting for opportunities in the Middle East and Far East. "We are looking out for JVs and SPVs with foreign companies and are in the process of shortlisting consultants who will assist in the process."
He says DCI is in negotiations for maintenance of dredging contracts in the Middle East and Far East and will finalise a project by the beginning of the next year. The state-owned entity, which has 10 trailer-suction dredgers and two cutter-suction dredgers in its fleet, has floated a tender for trailer-suction dredger and will float another tender for the cutter-suction dredger by the yearend.
