Govt Shortlists Three Bidders For Sale Of Its 63.75 Per Cent Stake In Shipping Corporation Of India

In a boost for the government's disinvestment push, three bidders have been finalised for the sale of its 63.75 per cent stake in Shipping Corporation of India (SCI), reports Economic Times.

The three bidders finalised for the next round of the disinvestment procedure are United States (US) based Safesea, Hyderabad based Megha Engineering and Infrastructure, and a consortium led by non-resident Indian businessman Ravi Mehrotra. All three have met the technical and financial criteria and have also received the security clearance.

Among the noted bidders who could not make it to the next round include a consortium of private equity firm Bain Capital and shipping major JM Baxi. The consortium's application is said to have had a technical issue that played a spoiler.