SCI bidders scout for partners

As the due-diligence process for Shipping Corporation of India’s (SCI) disinvestment reaches its final stage, bidders for the Indian ma...

As the due-diligence process for Shipping Corporation of India’s (SCI) disinvestment reaches its final stage, bidders for the Indian maritime major are on a major drive to scout for partners.

Chennai-based Aban Loyd is believed to have joined hands with Qatar-based Q-Ships and is in talks with MISC. Top officials at Aban Loyd and MISC neither declined nor confirmed the development. Industry sources believe that though there would be a conflict of interest between Q-Ship and MISC over the LNG business, the not-so-lucrative container business may be an area of synergy for MISC.

Among the other bidders, Videocon has entered into a tie-up with a foreign shipping major, while Shreyas Shipping which was unable to qualify on networth norms is currently holding talks with prospective bidders to provide advisory services. A top official from Shreyas Shipping confirmed the development.

Confirming the tie-up with a foreign shipping company, Videocon International managing director Venugopal Dhoot said that the announcement would be made at the appropriate time. Among others, Varun Shipping — which too could not bid on account of the networth norms — is advising Sterlite.

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