SCI stake sale, Cochin Shipyard IPO on anvil, says Vasan
01 Jul 2009
The government is assessing market conditions to sell up to 15 per cent stake in the Shipping Corporation of India (SCI), the country's largest shipping company, shipping minister Vasan told reporters today.
Besides the sale of stake in SCI, the minister said, his ministry is also examining an initial share sale of state-owned Cochin Shipyard Ltd.
"We are examining it in the ministry. Now we have to go into the details of the subject," Vasan said, adding, "the ministry is waiting for the right economic climate."
"We have to improve the financial health of SCI. We want to do it. We would like to do it within a timeframe," he said, without giving details.
He said the SCI is likely to acquire 32 ships worth about Rs7,000 crore this fiscal. "Thirty ships are already contracted. Two more agreements are likely to be signed," he said.
SCI had plans to place orders for 40 vessels, including four very large crude carriers (VLCC), in three years at a total investment of $2.5-3 billion.