Great Eastern Shipping not to bid for Shipping Corporation
By Our Corporate Bureau | 12 Feb 2003
Mumbai: Great Eastern Shipping has said that it is no longer interested in bidding for Shipping Corporation of India (SCI).
In a notice to stock exchanges, GE Shipping, once a serious bidder for SCI, said the company has decided not to pursue the government’s disinvestment programme for SCI any longer. “We have decided not to bid for SCI in view of other investment opportunities,” says a company official.
GE Shipping was among the bidders that have been invited for another round of financial due-diligence on SCI. The due diligence was to start today.
With GE Shipping pulling out, there are only three bidders in the race: Essar Shipping, Sterlite and the Videocon group.
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