SCI Plans Stake Sale

16 August 2010 (Last Updated August 16th, 2010 18:30)

Shipping Corporation of India (SCI) has decided to divest 20% of its stake by offering fresh shares as part of its disinvestment programme. The corporation, which reported a 60% profit rise in the first quarter, seeks to raise funds to add 14 ships to its fleet this year. The gove

Shipping Corporation of India (SCI) has decided to divest 20% of its stake by offering fresh shares as part of its disinvestment programme.

The corporation, which reported a 60% profit rise in the first quarter, seeks to raise funds to add 14 ships to its fleet this year.

The government aims to raise about INR400bn ($8.6bn) in 2010 by selling stakes in companies including Coal India and Steel Authority of India.

India owns an 80% stake in SCI and planned to sell a 15% stake in the company in 2005.