Shipping ministry not opposed to SCI strategic divestment:Secy

Shipping ministry not opposed to SCI strategic divestment:Secy Kolkata, Nov 10 (PTI) The Shipping Ministry is notopposed to strategic divestment of the Shipping Corporation ofIndia (SCI), a top official said.

The Shipping Ministry in 2017 had opposed the proposalof the strategic divestment of SCI, but has now agreed to theproposal of the group of secretaries for dilution of stake inthe SCI, the official said.

A group of secretaries had recently approved thestrategic sale of Shipping Corporation of India along with afew other PSUs.

'We had not opposed the strategic sale of SCI,'Union Shipping Secretary Gopal Krishna told PTI when askedabout its stand on the proposal of the group of secretaries.

'The matter is now with the Cabinet,' Krishna said.

The government currently holds 63.75 per cent stake inthe Shipping Corporation of India, the national flag carrier.

The Union Cabinet in October had approved the newpolicy under which the Department of Investment and PublicAsset Management (DIPAM) under the Ministry of Finance hasbeen made the nodal department for the strategic stake sale.