Shipping Corp says war in Ukraine needs to abate for stake sale to move

Deadline for financial bids for privatising the firm was extended from January 18 as bidders sought a more detailed due diligence.

Shipping Corp. of India Ltd.’s proposed privatization may need to wait until the market turbulence triggered by Russia’s invasion of Ukraine blows over and investors regain confidence.

“Globally markets are facing impact of the crisis, I don’t think this is the right opportune moment,” Shipping Corp. Chairperson and Managing Director Harjeet Kaur Joshi said in an interview to Bloomberg Television on Tuesday. The performance of the market will “majorly”  drive the timing for the divestment, she said, adding that is not the government’s view.

The war in Ukraine is sparking supply crunch concerns as Russia is a key supplier of