No decision yet on fate of Dredging Corporation of India and other state-owned shipping concerns
News - July 30, 2010
Business Standard reports that the Indian government has yet to take a decision on the sale of a stake in Shipping Corp of India, while share sales in Dredging Corp of India and Cochin Shipyard are also yet to be decided.
Quoting top officials, the report said a share sale in Shipping Corporation of India would take place in 2010, while newspapers have been reporting on likely sales in Dredging Corporation and Cochin Shipyard.
"There is a proposal (for Shipping Corp). But it has not moved beyond the stage of a proposal. It has to be examined by this ministry and then taken to the cabinet," K Mohandas, secretary at the shipping ministry, said in an interview.
The share sale proposal includes selling a 10 per cent government stake in the shipping firm and issuing new shares, worth 10 per cent of the firm's equity capital, he said. Shipping Corp has a market value of $1.4 billion.
Mohandas added that the government has no immediate plans to sell stake in the dredging firm and the initial public offer of the shipbuilding firm is also unlikely in the current fiscal year, which ends in March 2011.
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