Govt extends Shipping Corporations bid deadline indefinitely

Posted by : admin / On : 18 Jan 2022

According to numerous people familiar with the situation, the government has extended the deadline for submitting bids for its interest in Shipping Corporation NSE -3.97 percent of India (SCI) indefinitely. The deadline had been pushed out to January 18th. According to these sources, qualified bidders have sought extra time to do due diligence on the vessel operator. According to the people stated before, the bidders have been unable to conduct physical inspections of the ships. Not all of SCIs ships were available for inspection in India because they were travelling offshore. SCI had a fleet of 59 ships as of November 30, 2020. According to one of the sources referenced previously, the ongoing demerger of the companys non-core businesses is another reason for the bidding processs delay. "The demerger procedure is taking longer than expected," a source close to the situation stated. The secretary of the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey, could not be reached for comment. After the government requested expressions of interest, at least three bidders qualified to compete for SCI.

According to numerous people familiar with the situation, the government has extended the deadline for submitting bids for its interest in Shipping Corporation NSE -3.97 percent of India (SCI) indefinitely. The deadline had been pushed out to January 18th. According to these sources, qualified bidders have sought extra time to do due diligence on the vessel operator. According to the people stated before, the bidders have been unable to conduct physical inspections of the ships. Not all of SCIs ships were available for inspection in India because they were travelling offshore. SCI had a fleet of 59 ships as of November 30, 2020. According to one of the sources referenced previously, the ongoing demerger of the companys non-core businesses is another reason for the bidding processs delay. "The demerger procedure is taking longer than expected," a source close to the situation stated. The secretary of the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey, could not be reached for comment. After the government requested expressions of interest, at least three bidders qualified to compete for SCI.