Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,086.70114.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Shipping ministry not opposed to SCI strategic divestment: Secretary

The Shipping Ministry in 2017 had opposed the proposal of the strategic divestment of SCI, but has now agreed to the proposal of the group of secretaries for dilution of stake in the SCI.

PTI|
Nov 10, 2019, 10.44 AM IST
0Comments
Getty Images
iStock-479272988
KOLKATA: The Shipping Ministry is not opposed to strategic divestment of the Shipping Corporation of India (SCI), a top official said.

The Shipping Ministry in 2017 had opposed the proposal of the strategic divestment of SCI, but has now agreed to the proposal of the group of secretaries for dilution of stake in the SCI, the official said.

A group of secretaries had recently approved the strategic sale of Shipping Corporation of India along with a few other PSUs.

"We had not opposed the strategic sale of SCI," Union Shipping Secretary Gopal Krishna told when asked about its stand on the proposal of the group of secretaries.

"The matter is now with the Cabinet," Krishna said.

The government currently holds 63.75 per cent stake in the Shipping Corporation of India, the national flag carrier.

The Union Cabinet in October had approved the new policy under which the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance has been made the nodal department for the strategic stake sale.
Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service