 "Procedural delay likely to hit Shipping Corporation privatisation process")
Procedural delays in the divestment of Shipping Corporation of India (SCI) may push the privatisation process by a quarter.
The government had earlier targeted to complete the divestment of SCI by December, but procedural delays such as preparing the draft Share Purchase Agreement (SPA) and Request for Proposal (RFP) has further pushed the due diligence process bidders will have to undertake. This will impact the timeline set for more steps involved in the divestment exercise, pushing its completion to March, said an official.
The Shipping Corporation was asked to draft the SPA and insert clauses based on the
The government had earlier targeted to complete the divestment of SCI by December, but procedural delays such as preparing the draft Share Purchase Agreement (SPA) and Request for Proposal (RFP) has further pushed the due diligence process bidders will have to undertake. This will impact the timeline set for more steps involved in the divestment exercise, pushing its completion to March, said an official.
The Shipping Corporation was asked to draft the SPA and insert clauses based on the
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