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The deadline for financial proposals to privatise the company has been extended from January 18 to allow bidders to do more thorough due diligence.
The proposed privatisation of Shipping Corporation of India Ltd. may have to wait until market turbulence caused by Russia's invasion of Ukraine subsides and investors regain confidence.
In an interview with Bloomberg Television on Tuesday, Shipping Corp. Chairperson and Managing Director Harjeet Kaur Joshi said, "Globally markets are feeling the impact of the crisis, I don't think this is the best opportune period." The market's performance will "significantly" influence the timing of the divestiture, she added, adding that this is not the government's position.
Because Russia is a major provider of energy, metals, and agriculture, the conflict in Ukraine is causing supply problems. Commodity prices have risen as a result of efforts to isolate Moscow, from petroleum to nickel to aluminium and wheat. Transport of crude oil As shipowners avoid doing business with Russia, the cost of transporting oil freight from Russian ports is increasing. As a result of the hostilities, over a thousand seafarers and around a hundred ships have been stuck near Ukraine.
According to Joshi, the war has had no impact on Shipping Corp.'s operations because Indian refiners buy very little oil from Russia. The deadline for financial proposals to privatise Shipping Corp. has been extended from January 18 to allow bidders to conduct more thorough due diligence due to the company's massive size, she said, adding that the corporation is in the process of supplying data. As part of the divestment deal, Shipping Corp. is demerging its non-core assets, she added.