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SCI - Shipping Of India News Story

₹55.15 1.7  3.1%

Last Trade - 05/08/20

Small Cap
Market Cap £262.1m
Enterprise Value £485.3m
Revenue £451.4m
Position in Universe 442nd / 3002

UPDATE 1-India to offload Bharat Petroleum in state stake sell-off

Wed 20th November, 2019 5:43pm
(Adds details)
    By Manoj Kumar and Mayank Bhardwaj
    NEW DELHI, Nov 20 (Reuters) - India has agreed to sell
stakes in five state-run companies, including oil refiner Bharat
Petroleum Corp (BPCL)  BPCL.NS , its finance minister said on
Wednesday, a move that could help bridge a widening fiscal gap. 
    Prime Minister Narendra Modi's government has also approved
the sale of holdings in logistics firm Container Corp of India
Ltd  CCRI.NS  and Shipping Corp of India  SCI.NS , Nirmala
Sitharaman told reporters after a cabinet meeting. 
    India has set a target of raising 1.05 trillion rupees
($14.6 billion) through the sale of state stakes in companies by
March 2020. It has reached 173.64 billion rupees since April by
selling minority stakes in government companies.    
    The government owns 63.75% of Shipping Corp and a stake of
53.29% in India's second biggest state refiner BPCL, which
industry sources estimate could fetch $8 billion to $10 billion.
    Sitharaman said management control of BPCL's subsidiary,
Numaligarh Refinery Ltd (NRL), in the eastern Indian state of
Assam, will be given to another oil company for consolidation. 
    India, which has already announced a plan to sell national
carrier Air India, faces tax shortfalls of around 2 trillion
rupees in the current fiscal year, making the stake sales
critical to relieving the deficit. 
    Modi's government has set a fiscal deficit target of 3.3% of
gross domestic product (GDP) for the current year, but
economists and government sources say this is likely to slip to
around 3.8%.
    New Delhi also plans to offload stakes in Tehri Hydro
Development Corporation India Ltd (THDCIL) and North Eastern
Electric Power Corp Ltd (NEEPCO), which the government plans to
hand over to state-run power producer NTPC.
    India plans to invite international energy firms to
participate in the privatisation of state-owned oil companies,
oil minister Dharmendra Pradhan said last week.*:nL4N27S165
    Separately, the cabinet approved the import of 1.2 million
tonnes of onions to curb local price rises, as well as a
two-year moratorium for telecom companies to pay their spectrum
 ($1 = 71.7430 Indian rupees)

 (Additional reporting by Aftab Ahmed and Nidhi Verma; Editing
by Jan Harvey and Alexander Smith)
 ((; +91 11 4954 8029; Reuters
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