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Revised Demerger Plan of SCI Gets Approval from Ministry of Corporate Affairs

Revised Demerger Plan, SCI, Shipping, Union, India, Company

According to an exchange filing on BSE, the SCI board approved the Demerger Scheme for hiving off the identified non-core assets of the company on August 3, 2021. 

Following the Ministry of Ports, Shipping and Waterways (MoPSW) instructions, SCI incorporated a 100% subsidiary called Shipping Corporation of India Land and Assets Limited (SCILAL) in November 2021 to facilitate the demerger of its non-core assets.

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The Union Cabinet approved the strategic divestment of SCI in November 2019. On December 22, 2020, a Preliminary Information Memorandum (PIM)/Expression of Interest (EOI) was floated for the strategic divestment of the entire 100% shareholding of the Government of India ("GOI") 63.75% of Shipping Corporation of India Limited's equity ("SCIL"). 

Multiple EOIs were received by the deadline for the submission of EOIs, as Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal informed the Rajya Sabha in December 2021.

According to the government, the proposed strategic disinvestment in SCI would involve "transferring management control of the company to a strategic buyer along with the core assets of SCI.." 

Department of Investment and Public Asset Management's prevailing guidelines, SCI's non-core assets will be separated out through a de-merger process (DIPAM).

SCI's stock soared by almost 6% on Thursday. 

The price of SCI shares was Rs 122.40 per share at around 12.30 p.m. 

The Union Cabinet approved the strategic divestiture of SCI in November 2019. ",  of it. 

The last date and time for the submission of EoIs saw the receipt of numerous EoIs, according to Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal's statement to the Rajya Sabha in December 2021.

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