Race for SCI: GE Shipping, Watsa’s Fairfax, Vedanta in fray


2021-03-02 05:12:43

NEW DELHI: The stage is set for a battle for Shipping Corporation of India’s (SCI’s) privatisation, with the government receiving multiple bids, including from Great Eastern (GE) Shipping, a consortium comprising Prem Watsa’s Fairfax and the UAE’s Safe Seas and Anil Agarwal’s Vedanta group.
A surprise entrant is a consortium led by Foresight Group, comprising Belgium listed shipping company Exmar and Dubai-based shipping company GMS DMCC. Foresight is headed by Ravi Mehrotra, who owns the footwear brand Pavers England, and is expected to bid aggressively, sources told TOI.
Seven Islands, a Mumbai-based logistics company was another bidder, said sources. “Multiple expressions of interest have been received for privatisation of SCI.
The transaction will now move to the second stage,” department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey tweeted.
Asked about names of the bidders, Pandey said the department maintains an arms-length distance with the transaction advisers and names are not discussed. “Response has been good and that’s why we have said multiple bids have been received,” he told TOI.
In December, the government had invited bids for selling its entire stake in SCI, which is among the list of high-profile privatisations likely to be completed soon. The government had approved the sale earlier but the pandemic hurt the sale process.



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