Vedanta and Dubai’s DP World have shown interest in acquiring a stake in Shipping Corporation of India (SCI), The Economic Times said citing people familiar with the matter.
The roadshows attracted up to 9 potential investors, including shipping companies from Norway and South Korea, the people said.
The government plans to sell its entire 63.75% shareholding in SCI to the strategic buyer. The Cabinet Committee on Economic Affairs first approved the strategic divestment in November 2019.
RBSA Capital Advisors is the deal adviser for the divestment process. L&L Partners is the legal adviser.
Also, Tata Sons is planning to gradually raise its stake in AirAsia India to more than 76% by the end of 2020-21 and provide an exit route to Malaysia's flagship budget carrier AirAsia Berhad, which holds 49% in the company, Business Standard said.
Last month it was reported that the Tata group rejected an offer from US-based fund Interups Inc. to buy out the Malaysian joint venture (JV) partner from AirAsia India.
If Tatas successfully acquire Air India, the conglomerate is likely to integrate AirAsia with Air India's low-cost subsidiary, Air India Express, people in the know said.
Meanwhile, Shapoorji Pallonji Group has kept its ambitious logistics venture with Abu Dhabi Investment Authority (ADIA) on the backburner on account of debt issues and pandemic, Business Standard said citing people in the know.
The group had planned to launch a $1.2 billion venture with ADIA, wherein the partners were to raise the money in two tranches of $600 million each.
The venture was to invest in logistics centres in the country. “Shapoorji was to put in $100 million, and ADIA $500 million, initially,” the people said, adding that Shapoorji was already looking for land parcels.