Financial Daily from THE HINDU group of publications
Saturday, Nov 23, 2002
Financial Daily from THE HINDU group of publications Saturday, Nov 23, 2002 |
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Disinvestment Industry & Economy - Disinvestment Logistics - Shipping No distress sale of SCI, says Goyal Our Bureau
MUMBAI, Nov. 22 THE Union Shipping Minister, Mr Ved Prakash Goyal, has said the Government will not dump Shipping Corporation of India, ruling out distress sale of the company's shares. Responding to reports on the decision of Great Eastern Shipping Company, one of the serious bidders for 51 per cent stake in SCI, to pull out of the race, the Minister said, " the Government will not dump SCI at any price. SCI is not a sick company; if there are no takers, the Government would continue to run it'', he said. "The objective of disinvestment is to bring in a strategic partner to put more funds and expertise to improve SCI's operations. But that doesn't mean we will sell SCI at any price", the Minister said. "Let us wait and see whether others are interested,'' he added. Besides Great Eastern Shipping, two other parties _ Essar Shipping and the Sterlite group _ have shown interest in SCI. GE Shipping yesterday announced its decision to put on hold its plans for SCI in view of the "continued uncertainty on the timing of the sale.''
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