NITI Aayog recommends 26% stake sale in Shipping Corporation of India

Jun 16, 2017: NITI Aayog has recommended strategic sale of about 26 percent stake in Shipping Corporation of India. This could fetch about Rs 960 crore to the exchequer.

The core group of secretaries on disinvestment, headed by the cabinet secretary, discussed the proposal and has mandated the Ministry of Shipping to find out legal hassles, if any, in the process, say sources.

The government, at present, holds 63.75 per cent stake in Navratna PSU Shipping Corporation of India. After the sale of 26 per cent stake, the government holding in the company will come down to 37.75 per cent. The government has budgeted to raise Rs 15,000 crore through strategic sale of PSUs this fiscal.

Earlier the government's think tank, also recommended strategic disinvestment of loss-making Air India so that the centre does not have to sink in more money into the airline.

According to media reports, in a report submitted to the Centre, the Niti Aayog has detailed a possible roadmap for Air India disinvestment, which includes writing off loans to the tune of Rs 30,000 crore.