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DP World to acquire a stake in Shipping Corporation of India

DP World Shipping Corporation of India_IFM_Image
The Indian government plans to sell its entire 63.75% stake in SCI

Dubai-based global port operator and logistics company DP World is interested in acquiring a stake in the Shipping Corporation of India (SCI), media reports said. The Indian government plans to sell its entire 63.75 percent stake in the Shipping Corporation of India to the strategic buyer. The same was approved by the Cabinet Committee on Economic Affairs in November 2019.

It is reported that besides DP World, around nine different parties are interested in the stake sale by Shipping Corporation of India including investors from Norway and South Korea. While RBSA Capital Advisors is the deal adviser for the divestment process, L&L Partners will act as the legal adviser.

Last month, DP World submitted a joint bid along with Israel Shipyard Industries to privatise Israel’s Haifa Port. Both parties signed an agreement for exclusive cooperation in the privatisation of the port. This is one of the biggest deals to happen after both Israel and the UAE agreed to normalise terms in September earlier this year.

In this regard, DP World Chairman Sultan Ahmed bin Sulayem earlier told the media, “Israel has two ports, the port of Ashdod and the port of Haifa. They are strong ports in excellent locations. If there is an opportunity, there is nothing to prevent us from having a presence there.”

DP World posted a 3.1 percent growth in container volume across its global portfolio of container terminals in the third quarter of this year. During the period, DP World handled 18.3 million twenty-foot equivalent units (TEUs).

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