Govt hiving off Shipping House, MTI

New Delhi: The government is likely to invite financial bids for Shipping Corporation of India (SCI) by September, after the process of demerger of non-core assets is completed, an official said. As part of the strategic-sale process, the government is hiving off Shipping House and the training institute in Pune and some other non-core assets of Shipping Corporation of India (SCI).

"The process of demerger is time consuming. We would be ready to invite financial bids in 3-4 months," the official said.

The board of Shipping Corp met last week and approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL.

As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs2,392 crore. The SCI board in August last year, had approved a demerger scheme for hiving off the identified non-core assets and incorporated SCILAL in November 2021, for holding such assets of the company, which is under the Ministry of Ports Shipping and Waterways.