Shipping Corporation of India sells its real estate assets

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The government will divest the real estate assets of Shipping Corporation of India, including its Mumbai headquarters, to a separate entity to keep them out of the proposed privatization.

“The process of splitting up Shipping Corporation of India (SCI) is ongoing. We are going to separate all real estate from the company. So they will not be part of the privatization process,” a senior government official told ET .

This puts an end to the uncertainty over the transfer of Shipping House, located in Mumbai.

Earlier, ET had reported that the Maharashtra state government had reservations about handing over Shipping House to a private actor for security reasons as the building is opposite the office of the Chief Minister of Maharashtra, Uddhav Thackery.

Another official told ET that they are aware of the state government’s concerns about the transfer of the building and that it will be transferred under a separate entity and so far there is no conflict. on this subject.

Officials said that had delayed the process and the divestment was on track.

“Currently, the splitting process is ongoing. It is a complex process and it takes time because there are a series of procedures. We expect it to be completed in 4 to 6 months,” the official said.

The government sells its 63.75% stake in SCI. The successful buyer will also have to make an open offer for an additional 26% of the company held by public shareholders.

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