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Govt approves Shipping Corp's LNG unit stake sale
January 21, 2003 13:27 IST
The government on Tuesday approved the sale of state-run Shipping Corporation of India's 20 per cent stake in its liquefied natural gas venture to Japanese firm Mitsui.
"The Cabinet has approved the Shipping Corporation's proposal to divest a 20 per cent stake in its LNG joint venture to Mitsui," Shipping Minister Ved Prakash Goyal told reporters after a cabinet meeting.
SCI had asked for government permission to sell its 20 percent stake in LNG transportation firm Greenfield Holding Company Ltd to its Japanese partner.
SCI, which is also on the government's privatisation agenda, is the country's largest shipping line. The government owns 80.12 percent of SCI and intends to sell 51 per cent.
SCI's shares rose 4.67 per cent to Rs 60.50 on the Bombay Stock Exchange, where the main index rose 0.16 per cent by mid-afternoon.
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