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Three bidders have been finalised for the sale of the government’s 63.75% stake in Shipping Corporation of India (SCI). The trio will now send in their proposals and will be allowed to carry out due diligence on SCI, with the sale to privatise the Indian flagship on track to be completed this year.
The three companies in the mix to take over SCI are US-based Safesea, Hyderabad-based Megha Engineering and Infrastructure, and a consortium led by Ravi Mehrotra, who started his career in the 1960s working for SCI.
Safesea is a New Jersey-headquartered shipping company started by Indian-born businessman SV Anchan two decades ago. PV Krishna Reddy-led Megha Engineering and Infrastructure is a diversified group with interests spanning oil drilling, construction, aviation, media and power. UK-based Mehrotra runs drilling concern Foresight Group. Mehrotra’s bid is in a consortium with with Belgian shipping giant Exmar and the world’s top cash buyer of demo ships, Dubai-based GMS.
Among bidders who failed to make it to the next round include a consortium of private equity firm Bain Capital and shipping firm JM Baxi.
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