Ship of state

The Indian government has set October 20 as the last date for the submission of financial bids for the privatization of Shipping Corporation of India (SCI), said a source close to the process.

“The government late last week sent letters to all companies participating in the SCI privatization,” said the source. Essar Shipping , Sterlite Industries (India) Ltd and Videocon International are the three companies in the race to acquire the government’s stake in SCI.

The government intends to sell its 51% stake in SCI to a strategic investor.