State-owned Shipping Corp of India (SCI) is moving ahead with its privatisation through a transfer of cash to a non-core spin-off.
The company has secured backing from its secured and unsecured lenders for the move, according to the Economic Times. State Bank of India, EXIM Bank and Standard Chartered are the main backers of SCI.
The transfer involves INR 10bn ($121m) of surplus cash going to Shipping Corp of India Land & Assets Ltd (SICAL).
