DPGC and others bid for Shipping Corporation of India

12 Mar 2021 CW Team

Darwin Platform Group of Companies (DPGC) has placed a bid for Shipping Corporation of India (SCI). The Department of Investment and Public Asset Management (DIPAM) had invited expressions of interest (EoI) for the strategic disinvestment of its entire 63.75% stake in SCI along with the transfer of management till March 1.

There are multiple bidders in the transaction to acquire SCI. London-based Foresight Group International has also joined hands with two other global shipping companies to submit an EoI for the SCI. Apart from the Foresight Group's flagship company Foresight Offshore Drilling Ltd, the consortium includes Dubai-based shipping company GMS DMCC and Belgium-listed shipping company Exmar NV.

DPGC operates in several sectors, including healthcare, banking, avitronics, retail, energy, realty, information technology, and mass media.

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Last year in November, the Union Cabinet gave its in-principle approval for strategic divestment of SCI and Container Corporation of India Ltd. However, the plans were delayed due to the pandemic.

In the Budget speech 2021, Finance Minister Nirmala Sitharaman had said a number of transactions, namely Shipping Corp of India (SCI), Bharat Petroleum Corporation Ltd (BPCL), Container Corp of India, Air India, BEML Ltd, Neelachal Ispat Nigam Ltd, IDBI Bank, Pawan Hans among others would be completed in 2021-22.

For 2021-22, the centre has set a disinvestment target of Rs 1.75 lakh crore. The target has been set at Rs 32,000 crore for the current fiscal in the revised estimates.

DPGC is an Indian global business conglomerate with a $6.4 billion net worth.

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Also read: Union Cabinet clears new divestment policy

Also read: What is strategic about disinvestment?

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