New Delhi, May 07: Close on the heels of easing norms to attract foreign bidders in the disinvestment of Shipping Corporation of India, government today invited rebids for offloading 51 per cent stake in the national flag carrier to a strategic partner along with management control. Interested parties would be required to submit their expressions of interest (EoI) by June 6, 2003.
The Cabinet Committee on Disinvestment (CCD) had decided last month to start the bidding process for SCI afresh to allow foreign investors to bid solo for the company in line with government's policy of permitting 100 per cent FDI in the shipping sector.
Earlier, the foreign companies were allowed to retain only 25 per cent equity in SCI and this had prevented a large number of foreign shippers to participate in the disinvestment process.
Government currently holds about 80 per cent equity, which would be brought down to around 30 per cent after privatisation.
The successful bidders would also be required to make an open offer for 20 per cent stake.